Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Required: Prepare...

 

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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Required: Prepare a multiple-step income statement. Categorize the following accounts as selling expenses: Sales salaries expense, Rent expense - Selling space, TV advertising expense and Sales commission expense. Categorize the remaining expenses as general and administrative. (Click on the Graded Worksheet Tab below.) Gain on sale of equipment $6,150 Office supplies expense Insurance expense 660 1,360 Sales 219,000 Office salaries expense 32,000 Rent expense-Selling space 10,900 Sales salaries expense 23,900 Depreciation expense-Office copier 470 Sales discounts 16,700 Sales returns and allowances 4,000 TV advertising expense 2,000 Interest revenue 610 Cost of goods sold 89,100 Sales commission expense 12,700 Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Required: Prepare a multiple-step income statement. Categorize the following accounts as selling expenses: Sales salaries expense, Rent expense - Selling space, TV advertising expense and Sales commission expense. Categorize the remaining expenses as general and administrative. (Click on the Graded Worksheet Tab below.) Gain on sale of equipment $6,150 Office supplies expense Insurance expense 660 1,360 Sales 219,000 Office salaries expense 32,000 Rent expense-Selling space 10,900 Sales salaries expense 23,900 Depreciation expense-Office copier 470 Sales discounts 16,700 Sales returns and allowances 4,000 TV advertising expense 2,000 Interest revenue 610 Cost of goods sold 89,100 Sales commission expense 12,700

Answer rating: 100% (QA)

Given Information Sales 219000 Sales Discounts 16700 Sales Returns and Allowances 4000 Cost of Goods ... View the full answer