ACC1820- MANAGERIAL ACCOUNTING Project # 1: Merchandise Accounting Review Part 3

Question

ACC1820- MANAGERIAL ACCOUNTING Project # 1: Merchandise Accounting Review Part 3: Multi-step Income Statement-5 Points The records o f Grade A Steak Company list the following selected accounts for he quarter ended April 30, 2015: 33,500 Inventory 45,100Accounts receivable 53,300 2400 Angus, Capital, Jan 31 Sala ble 7,600 Sales returns & allowances 7,500 Cash 130,600 Sellin 38,300 Equipment Unearned sales revenue 13,300 Interest payable 1,200 Requirements: 1. Prepare a multi-step income statement Grade A Steak Company Income Statement For the quarter ended April 30, 2015

Explanation / Answer

Sales Revenue:

Grade A streak Company Income Statement For the Quater Ended April 30, 2015

Sales Revenue:

Total Sales $ 3,00,000.00 Sales Returns $   7,500.00 Sales Discounts $   2,000.00 $      9,500.00 Net Sales Revenue $ 2,90,500.00 Less: Cost of Goods Sold: $ 1,62,100.00 Gross Profit $ 1,28,400.00 Operating Expenses Selling Expenses: $ 38,300.00 Administrative Expenses: $ 16,300.00 Total Operating Expenses $    54,600.00 Net Income $    73,800.00

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