Read the tequirements Expenses Cost of Goods Sold Depreciation Expense Eq-Admini

Question

Read the tequirements Expenses Cost of Goods Sold Depreciation Expense Eq-Administrative Interest Expense Rent Expense-Selling Rent Expense-Administrative Utilities Expense-Administrative Utilities Expense-Selling Delivery Expense-Selling 162,000 1,350 2,500 21.200 9,400 4,100 10,900 3,000 214,450 Total Expenses Net Income (Loss) Requirement 2. Prepare a multi-step income statement S 86,150 Bosgh ty completing h tatemnthough tho grs prot titn cacudath geratnI ncome in the secondsp and net iecom in o er trp soy Farm Quality Steak Company Income Statement Quarter Ended April 30, 2016 300,000 162,000 138,000 Less Cost of Goods Sold Gross Profit

Explanation / Answer

Multistep Income statement Sales revenue 311400 Less:sales discount -3000 sales return and allowances -8400 Net sales revenue 300000 less:cost of good sold -162000 Gross profit 138000 operating expense Selling expense Rent expense 21200 uilities expense 10900 Delievery expense 3000 35100 Administration expense depreciation expense 1350 utilities expense 4100 Rent expense 9400 14850 Total operating expense 49950 Operating income[138000-49950] 88050 other Income/expense Interest revenue 600 Interest expense -2500 other income/(expense) -1900 Net income [88050-1900] 86150

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