The following amounts appeared on Excel Company’s adjusted trial balance as of May 31, 2023, the end of its fiscal year:

Required
1. Present a classified multiple-step income statement for internal users (see Exhibit 5.13) that lists the company’s net sales, cost of goods sold, and gross profit, as well as the components and amounts of selling expenses and general and administrative expenses.

2. Present a condensed single-step income statement (see Exhibit 5.15) that lists these costs: cost of goods sold, selling expenses, and general and administrative
expenses.

Transcribed Image Text:

Merchandise inventory.... Other assets........... Liabilities............ Reena Excel, capital.... Reena Excel, withdrawals.. Sales........ Sales discounts....... Sales returns and allowances.... Cost of goods sold......... Sales salaries expense.. Rent expense, selling space.. Store supplies expense.... Advertising expense... Office salaries expense.. Rent expense, office space. Office supplies expense... Totals............ Debit Credit $ 21,000 385,200 48,000 $ 105,000 339,150 636,000 9,750 42,000 296,000 87,000 30,000 7,500 54,000 79,500 17,800 2,400 $1,080,150 $1,080,150