Additional data: Notes payable are due in 2021 Prepare a multi-step income state

Question

Additional data: Notes payable are due in 2021
Prepare a multi-step income statement. (List othr revenues before other expenses.) XYZ Department Store Income Statement For the Year Ended November 31, 2017
Accounts Payable Accounts Receivable $35,376 22, 704 Accumulated Depreciation Equipment 89,760 Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest Expense Inventory Notes Payable Prepaid Insurance Advertising Expense Rent Expense Retained Earnings 10,560 46,200 810,876 8,184 207,240 17,820 15,840 2,640 13,200 11,880 6,600 34,584 57,420 7,920 44,220 44,880 18,744 154,440 1,193,280 7,920 26,400 13,992 Salaries and Wages Expense Sales Revenue Salaries and Wages Payable Sales Returns and Allowances Utilities Expense

Explanation / Answer

Prepare a multi-step income statement. (List othr revenues before other expenses.)

Sales 1193280 Less: Sales returns and allowances (26400) Net sales 1166880 Cost of goods sold (810876) Gross profit 356004 Less; Operating expenses Freight out (8184) Depreciation expense (17820) Insurance expense (11880) Advertising expense (44220) Rent expense (44880) Salary and wages expense (154440) Utilities expense (13992) (295416) Income from operation 60588 Other revenue Gain on disposal of plant assets 2640 Other expense Interest expense (6600) (3960) Income before tax 56628 Less: Income tax (13200) Net income 43428

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