3018(3 complete) s of A Cut Above Beef Company list the following selected accou

Question

3018(3 complete) s of A Cut Above Beef Company list the following selected accounts for the quarter ended April operating income in the second Data Table Company Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement 3. N. Davis, manager of the company, strives to ean a gross profit percentage 50 2. 3, 8, 305,8 of at least 50%. Did A Cut Above achieve this goal? Show your calculations. 21 Print Done 6,6 13.4 Unearned Revenue Interest Expense Depreciation Expense.-Equipment (Administrative) 21100 00 3100 28300 41 Utilities Expense (Administrative) 4,10 Print then click Check Answer Clear All

Explanation / Answer

Req 2 Multi-step income statement Quarter Ended April 30, 2016 Sales Revenue $ 305,800 Less: Sales Returns and Allowances           8,300 Sales Discounts           3,500 Net Sales Revenue $ 294,000 Cost of Goods Sold      152,880 Gross Profit      141,120 Operating Expenses: Selling Expenses: Rent Expense        21,100 Utilities Expense        10,800 Delivery Expense           3,100 Total Selling Expenses        35,000 Administrative Expenses: Depreciation Expense—Equipment           1,325 Utilities Expense           4,100 Rent Expense           9,300 Total Administrative Expenses        14,725 Total Operating Expenses        49,725 Operating Income        91,395 Other Revenues and (Expenses): Interest Revenue              900 Interest Expense        (2,300) Total Other Revenues and (Expenses)        (1,400) Net Income (Loss) $    89,995 Req 3 Gross Profit ÷ Net Sales Revenue 141120 ÷ 294000 48.00% No, quality cut did not achieve this goal

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