cost of goods sold $212,000 rent expense $32,000
freight out $7,000 sales discounts 8,000
insurance expense 6,000 sales returns and allowances 13,000
salaries and wages expense 58,000 sales revenue 380,000
prepare multistep income statement and find gross profit rate
cost of goods sold $212,000 rent expense $32,000
freight out $7,000 sales discounts 8,000
insurance expense 6,000 sales returns and allowances 13,000
salaries and wages expense 58,000 sales revenue 380,000
prepare multistep income statement and find gross profit rate
Related questions
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
| divide these accounts into current assets, long term assets,laibilities and long term laibilities? CASH |
| INVESTMENT SECURITIES--AVAILABLE FORSALE |
| ACCRUED INTEREST RECEIVABLE |
| ACCOUNTS RECEIVABLE |
| ALLOWANCE FOR DOUBTFUL ACCOUNTS |
| ALLOWANCE FOR SALES RETURNS ANDALLOWANCES |
| MERCHANDISE INVENTORY |
| PREPAID INSURANCE |
| STORE SUPPLIES |
| LAND |
| BUILDING |
| ACCUMULATED DEPRECIATION--BUILDING |
| OFFICE AND STORE EQUIPMENT |
| ACCUMULATED DEPRECIATION--OFFICE &STORE EQUIPMENT |
| DELIVERY TRUCKS |
| ACCUMULATED DEPRECIATION--DELIVERYTRUCKS |
| ACCOUNTS PAYABLE |
| FICA TAXES PAYABLE |
| WITHHOLDING TAXS PAYABLE |
| UNEMPLOMENT TAEXES PAYABLE |
| UNION DUES PAYABLE |
| SALARIES AND WAGES PAYABLE |
| ACCRUED UTILITIES PAYABLE |
| MORTGAGE PAYABLE |
| ACCURED INTEREST PAYABLE |
| COMMON STOCK |
| PIC IN EXCESS OF PAR |
| RETAINED EARNINGS |
| SALES |
| SALES RETURNS AND ALLOWANCES |
| SALES DISCOUNTS |
| INTEREST REVENUE |
| PURCHASES |
| PURCHASE RETURNS AND ALLOWANCES |
| PURCHASE DISCOUNTS |
| FREIGHT-IN |
| COST OF GOODS SOLD |
| SALARIES AND WAGES EXPENSE |
| PAYROLL TAX EXPENSE |
| ADVERTISING EXPENSE |
| REPAIR EXPENSE |
| SUPPLIES EXPENSE |
| UTILITIES EXPENSE |
| INSURANCE EXPENSE |
| DEPRECATION EXPENSE |
| DOUBTFUL ACCOUNT EXPENCE |
| INTEREST EXPENSE |
he following are selected ledger accounts of Spock Corporationat December 31, 2014.
| Cash | $188,640 | Salaries and wages expense (sales) | $287,640 | |||
| Inventory | 538,640 | Salaries and wages expense (office) | 349,640 | |||
| Sales revenue | 4,278,640 | Purchase returns | 18,640 | |||
| Unearned sales revenue | 120,640 | Sales returns and allowances | 82,640 | |||
| Purchases | 2,789,640 | Freight-in | 75,640 | |||
| Sales discounts | 37,640 | Accounts receivable | 146,140 | |||
| Purchase discounts | 30,640 | Sales commissions | 86,640 | |||
| Selling expenses | 72,640 | Telephone and Internet expense (sales) | 20,640 | |||
| Accounting and legal services | 36,640 | Utilities expense (office) | 35,640 | |||
| Insurance expense (office) | 27,640 | Miscellaneous office expenses | 11,640 | |||
| Advertising expense | 57,640 | Rent revenue | 243,640 | |||
| Delivery expense | 96,640 | Extraordinary loss (before tax) | 73,640 | |||
| Depreciation expense (office equipment) | 51,640 | Interest expense | 179,640 | |||
| Depreciation expense (sales equipment) | 39,640 | Common stock ($10 par) | 903,640 |
Spockâs effective tax rate on all items is 30%. A physicalinventory indicates that the ending inventory is $689,640.
Prepare a condensed 2014 income statement for Spock Corporation.(Round earnings per share to 2 decimal places, e.g.1.48.)
