need help.thanks Instructions Generalized Statement Instructions Multiple-Step I

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need help.thanks

Instructions Generalized Statement Instructions Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20- Sales Sales Returns and Allowances Sales Discounts Interest Revenue $156,545 2,013 4,168 426 Merchandise Inventory, January 1, 20 27,265 111,668 5,228 2,690 Purchases Purchases Returns and Allowances Purchases Discounts NG 833

Explanation / Answer

SAUTER OFFICE SUPPLIES Income Statement For the Year ended December 31,20-- Revenue from Sales Sales (Gross) $156,545 Sales Return and allowances -$2,013 Sales Discounts -$4,168 -$6,181 Sales (net) $150,364 Cost of goods sold Purchases $111,668 Merchandise Inventory ,Jan.1,20-- $27,265 Purchase returns and allowances -$5,228 Purchase discounts -$2,690 -$7,918 Merchandise Inventory ,Dec.31,20-- -$33,000 -$13,653 Cost of goods sold $98,015 Gross margin $52,349 Operating Expenses Freight in -$870 Wages Expense -$27,604 Supplies Expense -$776 Phone Expense -$887 Utilities Expense -$7,980 Insurance Expense -$1,296 Depreciation expense - Equipment -$3,815 Mise.expense -$594 Total Operating Expenses -$43,822 Operating Income $8,527 Other Revenues Interest Revenue $426 Other Expenses Interest Expense -$4,687 -$4,261 Net Income $4,266

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