Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages Prepare a multiple-step income statement. Expenses Selling expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses $ FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Other revenues, gains, expenses & losses Total other revenues, gains, expenses & losses 6,230 640 1,380 218,000 31,300 10,500 23,700 Depreciation expense-Office copier $ Sales discounts Sales returns and allowances TV advertising expense Interest revenue Cost of goods sold Sales commission expense 0 0 0 0 0 0 0 0 500 15,200 3,900 3,000 670 89,900 13,400

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages Prepare a multiple-step income statement. Expenses Selling expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses $ FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Other revenues, gains, expenses & losses Total other revenues, gains, expenses & losses 6,230 640 1,380 218,000 31,300 10,500 23,700 Depreciation expense-Office copier $ Sales discounts Sales returns and allowances TV advertising expense Interest revenue Cost of goods sold Sales commission expense 0 0 0 0 0 0 0 0 500 15,200 3,900 3,000 670 89,900 13,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company reports the following sales-related information. $ 220,000 Sales returns and allowances 4,400 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Sales, gross Sales discounts Net sales Multiple-Step Income Statement (Partial) $ 15,000 10,400
Provide full journal entry
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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $6,320 Depreciation expense-Office copier $ 480 Office supplies expense 760 15,700 Insurance expense 1,370 3,900 Sales 217,000 2,200 Office salaries expense 31,300 600 Rent expense-Selling space 10,300 89,000 Sales salaries expense 23,100 13,000 Prepare a multiple-step income statement. Sales discounts Sales returns and allowances TV advertising expense Interest revenue Cost of goods sold Sales commission expense
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