Preparing the Income Statement Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders are listed below: Sales 9,630,000 Purchases 4,720,000 Merchandise Inventory, 1/1/2021 2,170,000 Merchandise Inventory, 12/31/2021 1,430,000 Salaries Exp- Selling 1,140,000 Salaries Exp- General 920,000 Office Supplies Exp 460,000 Depreciation Exp- Office Equipment 320,000 Sales Returns and Allowances 280,000 Insurance Exp 55,000 Sales Discounts 210,000 Transportation Expense 170,000 Depreciation Exp- Store Equipment 160,000 Purchases Returns and Allowances 110,000 Selling Supplies Exp 80,000 Purchases Discounts 70,000 Freight In 50,000 Miscellaneous Exp 30,000 Required: Prepare the income statement using the function of expense method (multi step)
Preparing the Income Statement Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders are listed below: Sales 9,630,000 Purchases 4,720,000 Merchandise Inventory, 1/1/2021 2,170,000 Merchandise Inventory, 12/31/2021 1,430,000 Salaries Exp- Selling 1,140,000 Salaries Exp- General 920,000 Office Supplies Exp 460,000 Depreciation Exp- Office Equipment 320,000 Sales Returns and Allowances 280,000 Insurance Exp 55,000 Sales Discounts 210,000 Transportation Expense 170,000 Depreciation Exp- Store Equipment 160,000 Purchases Returns and Allowances 110,000 Selling Supplies Exp 80,000 Purchases Discounts 70,000 Freight In 50,000 Miscellaneous Exp 30,000 Required: Prepare the income statement using the function of expense method (multi step)
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 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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Preparing the Income Statement
Accounts selected from the Dec. 31, 2021 trial balance of Bartolome Pozon Traders are listed below:
Sales 9,630,000
Purchases 4,720,000
Merchandise Inventory, 1/1/2021 2,170,000
Merchandise Inventory, 12/31/2021 1,430,000
Salaries Exp- Selling 1,140,000
Salaries Exp- General 920,000
Office Supplies Exp 460,000
Depreciation Exp- Office Equipment 320,000
Sales Returns and Allowances 280,000
Insurance Exp 55,000
Sales Discounts 210,000
Transportation Expense 170,000
Depreciation Exp- Store Equipment 160,000
Purchases Returns and Allowances 110,000
Selling Supplies Exp 80,000
Purchases Discounts 70,000
Freight In 50,000
Miscellaneous Exp 30,000
Required: Prepare the income statement using the function of expense method (multi step)
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