uni fiscal year on November 30, 2019, the following accounts appeared in two of

Question

uni fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances $25,300 $25,300 $29,000 $29,000 180000 38,000 10,400 3,400 0.400 30,400 Notes payable 33,500 44,500 Prepaid Insurance 26,000 26,000 Property Tax Expense 14,300 14,300 Property Taxes Payable Cash Cost of Goods Sold Freight-Out 16,400 16,400 61,70061,700 93,700 93,200 6500 ,0 506,000 506,000 Rent Expense 10,500 10,500 Retained Earnings 6,100 6,100 Salaies and Wages Expense 146,500 11,000 Sales Commissions Expense Sales Commissioes Payable 146,500 Expense 7,000 Sales Returns and Allowance 7,4007400 Interest Expense Interest Revenue 6,000 6,000 Sales Revenue 10,500 10,500 Utilities Expense 720,000 720,000 8,400 S,400 If there is a net loss then enter the amount List other revenues before other expenses 3/2018 ana. Ask me C B

Explanation / Answer

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Multistep Income Statement Sales Revenue $   720,000 Less: Sales Return and Allowances $        7,400 Net Sales $   712,600 Less: Cost of Goods Sold $   506,000 Gross Margin $   206,600 Operating Expenses Freight Out $          6,100 Sales Commissions Expenses $        11,000 Salaries and Wages expenses $        93,700 Rent Expenses $        16,400 Property Tax Expesnes $          2,500 Utility Expesnes $          8,400 Interest Expenses $          6,000 Depreciation Expenses $        11,000 Insurance expesnes $          7,000 Total Opearting Expenses $   162,100 Opearting Income $      44,500 Non-Operating Items: Interest Revenue $        10,500 Total Non-Operating Items $      10,500 Net Income $      55,000

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