PLEASE THIS ALL ABOUT THIS QUESTION. THERE NOTHING MISSING. ALSO, PLEASE QUESTIO

Question

PLEASE THIS ALL ABOUT THIS QUESTION. THERE NOTHING MISSING.

ALSO, PLEASE QUESTION ONE WAS ANSWERED BUT IT IS MISSING THE LOCATION OF THE DOLLAR AMOUNT WHETHER ON THE CREDIT SIDE OR DEBIT. THANKS

Question 2 (20 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

Cost of Goods Sold

$3,200

Sales

$10,000

Sales Discounts

200

Sales Returns & Allowances

1,200

Prepare a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.

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Alpha Company

Adjusted Trial Balance (partial)

January 31, 2016

Accounts

Debit

Credit

Cost of Goods Sold

$3,200

Sales

$10,000

Sales Discounts

200

Sales Returns & Allowances

1,200

Explanation / Answer

Prepare multistep income statement :

Sales revenue Sales 10000 Less: Sales discount -200 Less: Sales return and allowance -1200 -1400 Net Sales revenue 8600 Less: Cost of goods sold -3200 Gross profit 5400

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