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Rickey’s Retail has the following financial information for the most recent accounting period. Prepare an income statement.   Gross Sales= $864,740   Sales Returns & Allowances= $47,399   Cost of Goods Sold= $483,237   Rent Expense= $86,705   Interest Expense= $1,156   Income Tax Expense= $16,185   Depreciation Expense= $5,780   Salaries Expense= $98,266   Utility Expense= $28,902

Rickey’s Retail has the following financial information for the most recent accounting period. Prepare an income statement.   Gross Sales= $864,740   Sales Returns & Allowances= $47,399   Cost of Goods Sold= $483,237   Rent Expense= $86,705   Interest Expense= $1,156   Income Tax Expense= $16,185   Depreciation Expense= $5,780   Salaries Expense= $98,266   Utility Expense= $28,902

FINANCIAL ACCOUNTING
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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Rickey’s Retail has the following financial information for the most recent accounting period. Prepare an income statement.

 

Gross Sales= $864,740

 

Sales Returns & Allowances= $47,399

 

Cost of Goods Sold= $483,237

 

Rent Expense= $86,705

 

Interest Expense= $1,156

 

Income Tax Expense= $16,185

 

Depreciation Expense= $5,780

 

Salaries Expense= $98,266

 

Utility Expense= $28,902

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