Chapter 15, Problem 3SEB

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Chapter
Section

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

MULTIPLE-STEP INCOME STATEMENT Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeito’s Plumbing Supplies for the year ended December 31, 20--.

To determine

Prepare a multi-step income statement, including the revenue section and the cost of goods sold section for A.

Explanation

Multi-step income statement: The income statement represented in multi-steps with several subtotals, to report the income from principal operations, and separate the other expenses and revenues which affect net income, is referred to as multi-step income statement.

Prepare a multi-step income statement of S.

 APS Income Statement For Year Ended December 31, 20-- Particulars Amount Amount Amount Amount Revenue from sales: Sales \$166,000 Less: Sales returns and allowances \$1,620 Â Â Â Â Â Â Â Â Â Â  Sales discounts \$3,320 \$4,940 Net sales \$161,060 Cost of goods sold: Opening merchandise inventory \$32,600 Opening estimated returns inventory \$600 Add: Purchases \$111,300 Less: Purchases returns and allowances \$3,600 Â Â Â Â Â Â Â Â Â Â  Purchase discounts \$2,226 \$5,826 Net purchases \$105,474 Add: Freight - in \$640 Cos...

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