PLEASE HELP ME SOLVE THIS ASAP! Prepare a multiple-step income statement. In the
ID: 2405584 • Letter: P
Question
PLEASE HELP ME SOLVE THIS ASAP!
Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
*** CAN ONLY USE THESE LABELS***
HELP ME FIX MY MISTAKES PLEASE!
10. Miscellaneous selling expense
Prepare a multiple-step income statement. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.*
*** CAN ONLY USE THESE LABELS***
HELP ME FIX MY MISTAKES PLEASE!
10. Miscellaneous selling expense
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2018 Cash Accounts receivable Inventory Estimated returns inventory Office supplies Prepaid insurance Office equipment Accumulated depreciation-office equipment Store equipment Accumulated depreciation-store equipment Accounts payable Customer refunds payable Salaries payable Note payable (final payment due 2024) $ 232,700 957,000 1,668,600 21,300 15,600 18,000 827,000 556,000 3,594,800 1,827,100 361,900 43,400 41,900 296,000Explanation / Answer
Solution:
Clairemont Company Income Statement For the year ended May 31, 2018 Particulars Amount Sales $11,403,800.00 Expenses Cost of merchandise sold $7,842,100.00 Gross Profit $3,561,700.00 Operating Expenses: Selling Expenses: Sales Salaries expenses $923,100.00 Advertising Expense $540,500.00 Depreciation Expense - Store Equipment $134,900.00 Miscellenous Selling Expense $37,800.00 $1,636,300.00 Administrative Expenses: Office salaries expense $664,400.00 Rent Expense $101,000.00 Depreciation expense - Office equipment $45,900.00 Insurance Expense $42,700.00 Office supplies Expense $31,800.00 Miscellenous Administrative Expense $7,100.00 $892,900.00 Total Operating expenses $2,529,200.00 Operating Income $1,032,500.00 Non Operating Income: Interest Expense $11,800.00 Total Non operating income (Expense) -$11,800.00 Net Income $1,020,700.00Related Questions
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