Presented below is information for Zales Company for the month of January 20XX. Cost of goods sold $280,000 Rent expense $35,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 13,000 Salaries and wages expense 42,000 Sales revenue 421,000 Instructions: Prepare a multiple-step income statement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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. Presented below is information for Zales Company for the month of January 20XX.

Cost of goods sold $280,000 Rent expense $35,000

Freight-out 7,000 Sales discounts 8,000

Insurance expense 12,000 Sales returns and allowances 13,000

Salaries and wages expense 42,000 Sales revenue 421,000

Instructions: Prepare a multiple-step income statement.

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