signments/351802 Kimmel, Financial Accounting, 8e Help I System Announcements Ex

Question

signments/351802 Kimmel, Financial Accounting, 8e Help I System Announcements Exercise 5-6 Presented below is information for Sandhill Co. for the month of January 2017. $207,300 Rent expense Cost of goods sold Freight-out Insurance expense Salaries and wages expense Income tax expense 9,300 Sales discounts 14,400 Sales returns and allowances 60,800 Sales revenue $34,200 8,600 19,600 400,000 5,300 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multi-step format. SANDHILL CO Income Statement For the Month Ended January 31, 2017

Explanation / Answer

Prepare multistep income statement :

Revenue Sales 400000 Less; Sales return and allowance (19600) Sales discount (8600) (28200) Net sales 371800 Less; Cost of goods sold (207300) Gross profit 164500 Less: Operating expense Rent expense (34200) Salary and wages expense (60800) Freight out (9300) Insurance expense (14400) Total operating expense (118700) Income before tax 45800 Less; Income tax (5300) Net income 40500 Other comprehensive incoem (net of tax) 2000 Comprehensive income 42500

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

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