Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 Prepare a multiple-step income statement.
Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 Prepare a multiple-step income statement.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...
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Presented below is information for Oakley Company for the month of March 2020.
Cost of goods sold | $254,000 | Rent expense | $36,000 | |||
Freight-out | 7,500 | Sales discounts | 8,800 | |||
Insurance expense | 5,000 | Sales returns and allowances | 11,000 | |||
Salaries and wages expense | 75,000 | Sales revenue | 425,000 |
Prepare a multiple-step income statement.
OAKLEY COMPANY
Income Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 |
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Owner's Capital, March 31Operating ExpensesNet Income / (
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$
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LessAdd:
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$
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DrawingsOwner's Capital, March 31Gross Profit / (Loss)Net SalesRevenuesTotal Operating ExpensesOperating ExpensesInvestmentsOwner's Capital, March 1Net Income / (Loss)
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Operating ExpensesOwner's Capital, March 31Gross Profit / (Loss)Owner's Capital, March 1Total Operating ExpensesNet SalesSales RevenuesNet Income / (Loss)DrawingsInvestments
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Sales RevenuesNet Income / (Loss)Net SalesInvestmentsOwner's Capital, March 31DrawingsOperating ExpensesTotal Operating ExpensesGross Profit / (Loss)Owner's Capital, March 1
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Net SalesOperating ExpensesGross Profit / (Loss)Total Operating ExpensesSales RevenuesOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)InvestmentsDrawings
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Total Operating ExpensesOperating ExpensesGross Profit / (Loss)Sales RevenuesDrawingsNet SalesInvestmentsOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)
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$
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