Identify the errors in the following incomestatement: The Euclidian Company Income Statement For the Year Ended March
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Identify the errors in the following incomestatement:
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The Euclidian Company Income Statement For the Year Ended March 31, 2008 Revenue from sales Sales S7,127,500 Sales discounts... 60,000 172,300 $7,299,800 4,175,100 $3,124,700 Income from operations Expenses: 710,000 525,000 18,100 Selling expenses.... Delivery expense 1,253,100 $1,871,600 Other expense: 80,000 $1,791,600 Gross profit ·····.. .
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1 Sales returns and allowances and sales discounts should be deducted from not added to sales 2 Sale...View the full answer
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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