Exercise 254 (Part Level Submission) Presented below is information for Zhan Com

Question

Exercise 254 (Part Level Submission) Presented below is information for Zhan Company for the month of January 2017 Cost of goods sold Freight-out Insurance expense Salaries and wages expense 42,000 Sales revenue $35,000 8,000 Sales returns and allowances 13,000 421,000 $280,000 Rent expense 7,000 Sales discounts 12,000 Your answer is partially correct. Try again. Prepare a multiple-step income statement. ZHAN COMPANY Income Statement For the Month Ended January 31, 2017 Sales Sales Revenue 421,000 Less ? Sales Returns and Allowances 13,000 Sales Discounts 8000

Explanation / Answer

Income statement :

Sales Sales revenue 421000 Less: Sales return and allowance 13000 Sales discount 8000 21000 Net Sales 400000 Less; Cost of goods sold 280000 Gross profit 120000 Less: Operating expense Salary and wages expense 42000 Freight out 7000 Rent expense 35000 Inurance expense 12000 Total operating expense 96000 Operating income 24000

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.