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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 39
Preparing a Multistep Income Statement
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31, 2013, year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Sales Revenue, $42,000; Sales Discounts, $2,200; Sales Returns and Allowances, $1,920; and Delivery (freight-out) Expense, $300. Prepare a multistep income statement for distribution to external financial statement users, using a format similar to Exhibit 6.11.
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31, 2013, year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue, $200; General Expenses, $2,600; Sales Revenue, $42,000; Sales Discounts, $2,200; Sales Returns and Allowances, $1,920; and Delivery (freight-out) Expense, $300. Prepare a multistep income statement for distribution to external financial statement users, using a format similar to Exhibit 6.11.
Explanation
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The multistep income statement of SD sto...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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