Instructions: Prepare the functional income statement of Anne Curtis Company on December 31, 2016. It must be supported by Notes. Sales - 9,630,000 Purchases - 4,720,000 Merchandise Inventory January 1 - 2,170,000 Merchandise Inventory, Dec. 31 - 1,430,000 Salaries Expense-Selling - 1,140,000 Salaries Expense-Administrative - 920,000 Depreciation Expense-office Equipment - 460,000 Sales Return and Allowances - 280,000 Insurance Expense - 55,000 Sale Discounts - 210,000 Transpotation Out - 170,000 Depreciation Expense-Store Equipment - 160,000 Purchase Return and Allowances - 110,000 Selling Supplies Expense - 80,000 Purchase Discounts - 70,000 Freight In - 50,000 Miscellaneous Expense - 30,000

Instructions: Prepare the functional income statement of Anne Curtis Company on December 31, 2016. It must be supported by Notes. Sales - 9,630,000 Purchases - 4,720,000 Merchandise Inventory January 1 - 2,170,000 Merchandise Inventory, Dec. 31 - 1,430,000 Salaries Expense-Selling - 1,140,000 Salaries Expense-Administrative - 920,000 Depreciation Expense-office Equipment - 460,000 Sales Return and Allowances - 280,000 Insurance Expense - 55,000 Sale Discounts - 210,000 Transpotation Out - 170,000 Depreciation Expense-Store Equipment - 160,000 Purchase Return and Allowances - 110,000 Selling Supplies Expense - 80,000 Purchase Discounts - 70,000 Freight In - 50,000 Miscellaneous Expense - 30,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2E: Cost of Goods Sold and Income Statement Schuch Company presents you with the following account...

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