Do a Partial Multiple Step Income Statement (through Gross Profit) using the following accounts from Tescana, Inc.
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Do a Partial Multiple Step Income Statement (through Gross Profit) using the following accounts from Tescana, Inc. for the month that ended January 31, 2024. | |
Name of Account | Balance |
Beginning Inventory | $ 4,000,000.00 |
Casualty Loss from Vandalism | 13,500.00 |
Depreciation Expense | 64,000.00 |
Dividend Revenue | 42,960.00 |
Ending Inventory | 1,500,000.00 |
Entertainment Expense | 12,560.00 |
Freight in | 23,000.00 |
Freight out | 36,000.00 |
Gain on sale of building | 49,560.00 |
Income Taxes | 35% |
Insurance Expense | 456,000.00 |
Interest Expenses | 26,000.00 |
Interest Revenues | 29,350.00 |
Loss from abandonment of equipment | 19,620.00 |
Property Tax Expense | 230,000.00 |
Purchase | 1,500,000.00 |
Purchase Discount | 42,000.00 |
Purchase Return and Allowances | 95,000.00 |
Salaries and Wages Expense | 1,020,000.00 |
Sales | 12,000,000.00 |
Sales Discount | 950,000.00 |
Sales Return and Allowances | 1,500,000.00 |
Supplies Expense | 5,300.00 |
Utilities Expense | 320,000.00 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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