In its income statement for the year ended December 31, 2017, Sheridan Company r

Question

In its income statement for the year ended December 31, 2017, Sheridan Company reported the following condensed data. Salaries and wages expenses $883,500 Loss on disposal of plant assets $ 158,650 Cost of goods sold 1,875,300 Sales revenue 4,199,000 Interest expense 134,900 Income tax expense 47,500 Interest revenue 123,500 Sales discounts 304,000 Depreciation expense 589,000 Utilities expense 209,000 Collapse question part (a) Prepare a multiple-step income statement. (List other revenues before other expenses.)

Explanation / Answer

Multi step income statement Sheridan Company For the Year Ended Decmber 31,2017 Sales Revenue:     Total Sales    41,99,000 - Sales Discounts    (3,04,000) Net Sales Revenue     38,95,000 Less:Cost of Goods Sold    18,75,300     18,75,300 Gross Profit 52%     20,19,700 Operating Expenses Salaries & Wages Expenses      8,83,500 Depreciation Expenses      5,89,000 Utility Expenses      2,09,000 Total Operating Expenses     16,81,500 Operating Income        3,38,200 Other Incomes and Expenses: +interest Income      1,23,500 -Loss on Sale of Equipment    (1,58,650) - Interest Expense    (1,34,900) Net Other Incomes and Expenses     (1,70,050) Net Income        1,68,150

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

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