Question 10 (15 points)
The following is a partial Adjusted Trial Balance for Alpha Company for the month:
Alpha Company
Adjusted Trial Balance (partial)
January 31, 2016
Accounts
Debit
Credit
Inventory
$2,750
Sales
$11,500
Sales Discounts
200
Sales Returns & Allowances
1,200
Purchases
4,000
Purchases Discounts
150
Purchase Returns & Allowances
450
Freight In
50
Advertising Expense
150
Depreciation Expense
130
Freight Out
70
Income Tax Expense
500
Salaries Expense
550
Utilities Expense
100
Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement.
What amount should Alpha Company report on a Multi-Step Income Statement for the following items:
1. Net Sales
2. Cost of Goods Available for Sales
3. Gross Profit
4. General & Administrative Expenses
5. Income before Taxes
Question 10 (15 points)
The following is a partial Adjusted Trial Balance for Alpha Company for the month:
| Alpha Company | ||
| Adjusted Trial Balance (partial) | ||
| January 31, 2016 | ||
| Accounts | Debit | Credit |
| Inventory | $2,750 | |
| Sales | $11,500 | |
| Sales Discounts | 200 | |
| Sales Returns & Allowances | 1,200 | |
| Purchases | 4,000 | |
| Purchases Discounts | 150 | |
| Purchase Returns & Allowances | 450 | |
| Freight In | 50 | |
| Advertising Expense | 150 | |
| Depreciation Expense | 130 | |
| Freight Out | 70 | |
| Income Tax Expense | 500 | |
| Salaries Expense | 550 | |
| Utilities Expense | 100 | |
Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement.
What amount should Alpha Company report on a Multi-Step Income Statement for the following items:
1. Net Sales
2. Cost of Goods Available for Sales
3. Gross Profit
4. General & Administrative Expenses
5. Income before Taxes
Related questions
| Exercise#2 | ||||||
| 10 points | ||||||
| The adjusted trial balance accounts: | ||||||
| AdvertisingExpense $ 15,000 | ||||||
| Cost of Goods Sold | 347,000 | |||||
| Depreciation Expense | 3,500 | |||||
| Freight-out | 2,000 | |||||
| Income Tax Expense | 21,700 | |||||
| Interest Expense | 19,000 | |||||
| Interest Revenue | 25,000 | |||||
| Merchandise Inventory | 35,750 | |||||
| Prepaid Rent | 4,500 | |||||
| Sales | 575,000 | |||||
| Sales Discounts | 9,500 | |||||
| Sales Returns and Allowances | 50,000 | |||||
| Store Salaries Expense | 74,000 | |||||
| Unearned Revenue | 8,000 | |||||
| Utilities Expense | 18,000 | |||||
| Prepare a multiple-step income statement,in proper form, for the year ended December 31, 2014 forCosey Inc. | ||||||
| ||||||
Valley company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows.
| Account Title | Debit | Credit |
| Merchandise Inventory | $41,000 | |
| Other (non-inventory) assets | $130,400 | |
| Total Liabilities | $25,000 | |
| Common Stock | $10,000 | |
| Retained Earnings | $94,550 | |
| Dividends | $8,000 | |
| Sales | $255,600 | |
| Sales discounts | $2,250 | |
| Sales returns and allowances | $12,000 | |
| Cost of goods sold | $74,500 | |
| Sales salaries expense | $32,000 | |
| Rent expense - Selling space | $8,000 | |
| Stores supplies expense | $1,500 | |
| Advertising Expense | $13,000 | |
| Office salaries expense | $28,500 | |
| Rent expense - Office space | $3,600 | |
| Office supplies expense | $400 | |
| Total | $355,150 | $355,150 |
Prepare a single-step income statement.
