Salaries and wages expenses $697,500 Loss on disposal of plant assets $125,250 C
ID: 2612092 • Letter: S
Question
Salaries and wages expenses $697,500
Loss on disposal of plant assets $125,250
Cost of goods sold 1,480,500
Sales Revenue 3,315,000
Interest expense 106,500
Income Tax Expense 37,500
Interest revenue 97,500
Sales discounts 240,000
Depreciation Expense 465,000
Utilities expense 165,000
I
This is the income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data.
Prepare a multiple-step income statement. (List other revenues before other expenses.)
Salaries and wages expenses $697,500
Loss on disposal of plant assets $125,250
Cost of goods sold 1,480,500
Sales Revenue 3,315,000
Interest expense 106,500
Income Tax Expense 37,500
Interest revenue 97,500
Sales discounts 240,000
Depreciation Expense 465,000
Utilities expense 165,000
Explanation / Answer
Prepare a multiple-step income statement.
Sales 3315000 Less: Sales discount (240000) Net Sales 3075000 Less: Cost of goods sold (1480500) Gross profit 1594500 Less: Operating expenses Salaries and wages expenses (697500) Depreciation Expense (465000) Utilities expense (165000) Total operating expenses (1327500) Income from operation 267000 Non operating and other Other revenue Interest revenue 97500 Other expenses Interest expenses (106500) Loss on disposal of plant assets (125250) (231750) Income before tax 132750 Less: Income tax (37500) Net income 95250Related Questions
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