From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, p

Question

From the adjusted trial balance for Brookstone Art Supplies, Inc. given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies, Inc. Adjusted Trial Balance December 31 Debit Credit $9,400 25,000 36,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Selling expenses General and administrative expenses Interest expense Totals 900 75,000 $22,000 60,000 15,000 42,000 10,000 1,000 109,700 48,000 325,000 6,000 16,500 195,000 32,500 19,800 $524700 $524 700

Explanation / Answer

Solution.

Preparetion of multi step income statement.

Brookstone Art supplies Inc. Multi-Step Income statement For the year ended December 31st   Amount Amount Sales Revenue: Total Sales           3,25,000 ? Sales Returns             -16,500 ? Sales Discounts               -6,000 Net Sales Revenue          3,02,500 Less: Cost of Goods Sold:        -1,95,000 Gross Profit          1,07,500 Operating Expenses Selling Expenses:               32,500 Administrative Expenses: Office Supplies Expense                     900 Total Operating Expenses            -33,400 Operating Income              74,100 Other Incomes and Expenses: ? Interest Expense                   -600 Net Other Incomes and Expenses                  -600 Net Income              73,500

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

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