Multiple-Step Income StatementUse the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.Sales$160,000Sales Returns and Allowances2,300Sales Discounts4,175Interest Revenue425Merchandise Inventory, January 1, 20--28,400Estimated Returns Inventory, January 1, 20--600Purchases109,000Purchases Returns and Allowances4,560Purchases Discounts2,670Freight-In895Merchandise Inventory, December 31, 20--30,100Estimated Returns Inventory, December 31, 20--900Wages Expense27,400Supplies Expense800Phone Expense800Utilities Expense8,000Insurance Expense1,200Depreciation Expense—Equipment3,900Miscellaneous Expense590Interest Expense4,700 Sauter Office SuppliesIncome StatementFor Year Ended December 31, 20--Revenue from sales: $ $ $Cost of goods sold: $ $ $ $ $ $ $ $Operating expenses: $ $Other revenues: $ Other expenses: $

Multiple-Step Income Statement: A multiple-step income statement involves more than one subtraction…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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 Sauter Office Supplies for the year ended December 31, 20--.

Sales	$160,000
Sales Returns and Allowances	2,300
Sales Discounts	4,175
Interest Revenue	425
Merchandise Inventory, January 1, 20--	28,400
Estimated Returns Inventory, January 1, 20--	600
Purchases	109,000
Purchases Returns and Allowances	4,560
Purchases Discounts	2,670
Freight-In	895
Merchandise Inventory, December 31, 20--	30,100
Estimated Returns Inventory, December 31, 20--	900
Wages Expense	27,400
Supplies Expense	800
Phone Expense	800
Utilities Expense	8,000
Insurance Expense	1,200
Depreciation Expense—Equipment	3,900
Miscellaneous Expense	590
Interest Expense	4,700

Sauter Office Supplies
Income Statement
For Year Ended December 31, 20--
Revenue from sales:
			$
		$

				$
Cost of goods sold:
		$
			$
		$
	$

		$


			$
		$


				$
Operating expenses:
			$







				$
Other revenues:
			$
Other expenses:

				$

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