EXERCISE 12-4 The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here, From the information given, prepare income statement for the company. To save time and space, the expenses have been grouped together into two categories. LO Pra Show m HOV 4 5 ACCOUNT NAME INCOME STATEMENT DEBIT 7 CREDIT 23 Income Summary Sales 32,000.00 31,000.00 324,000.00 24 25 Sales Returns and Allowances 13,310.00 7,700.00 126,360.00 26 Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts 27 1,200.00 1,300.00 28 29 30 7,500.00 61,560.00 Freight In 31 50,884.00 299,314.00 58.188.00 357,500.00 Selling Expenses 357,500.00 32 General Expenses 33 357,500.00 34 Net Income 35 36 Sheet3 Sheet2 Sheett
EXERCISE 12-4 The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here, From the information given, prepare income statement for the company. To save time and space, the expenses have been grouped together into two categories. LO Pra Show m HOV 4 5 ACCOUNT NAME INCOME STATEMENT DEBIT 7 CREDIT 23 Income Summary Sales 32,000.00 31,000.00 324,000.00 24 25 Sales Returns and Allowances 13,310.00 7,700.00 126,360.00 26 Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts 27 1,200.00 1,300.00 28 29 30 7,500.00 61,560.00 Freight In 31 50,884.00 299,314.00 58.188.00 357,500.00 Selling Expenses 357,500.00 32 General Expenses 33 357,500.00 34 Net Income 35 36 Sheet3 Sheet2 Sheett
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter25: Departmental Accounting
Section: Chapter Questions
Problem 9SPB
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