Select only the accounts needed to prepare a Multiple-Step Income Statement for
ID: 2481555 • Letter: S
Question
Select only the accounts needed to prepare a Multiple-Step Income Statement for Moonmaster Co. using relevant data for the year ended December 31. of the current year, bote: Not all accounts are needed! Answer questions based on your completed multiple step income statement. Gross Profit is: $110,000 $ 40,000 $860,000 $245,000 Other Income and Expense is: $7,000 $19,000 $57,000 $10,000 Total Operating Expenses are: $190,000 $110,000 $140,000 $47,000 Income from Operations is: $80,000 $915,000 $47,000 $105,000 Net income is: $110,000 $50,000 $112,000 $105,000Explanation / Answer
Moonmaster Co Income Statement for the current year ending Dec 31. Multi Step Format Details Amt $ AMT $ Gross Sales Revenue 915,000 Less Sales Return - Less Sales Allowance - Less Sales Discount - Net Sales Revenue 915,000 Cost of Merchandise Sold 670,000 Gross Profit 245,000 Operating Expenses Selling Expenses Salary Sales Sales Commission Advertisement Travel expenses Depreciation of sales equiment Total Selling Expenses 110,000 Admin Expenses Admin Salary Supplies Office Rent Office Insurance Depreciation of Office Equipment Total Admin Expenses 30,000 Total Operating Expenses 140,000 Total Operating Income/(Loss) 105,000 Other Income & Expenses Other revenue Interest Income Other Expenses Interest Expense (12,000) Rent Revenue 19,000 Net Other Income /(Expense) 7,000 Income Before Tax 112,000 Income Tax expense Net Income/(loss) Answers 92 Gross Profit is d. 245000 93 Other Income & Expense =a. 7000 94 Total Operating Expense=c.=140000 95 Income from Operation=d. 105000 96 Net Income =c. 112000
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