Question: 1. Under which section on the Multi-Step Income Statement do the following accounts fall under A. Net Sales B. Cost of Goods Sold C. Selling
1. Under which section on the Multi-Step Income Statement do the following accounts fall under A. Net Sales B. Cost of Goods Sold C. Selling Expenses D. General & Administrative Expenses E. Other Revenue/(Expense) F. Not on Income Statement 1. Freight Expense 2. Office Salaries Expense 3. Interest Income 4. Sales Returns & Allowances 5. Unearned Revenue 6. Cost of Goods Sold 7. Corporate Office Rent Expense 8. Advertising Expense 9. Interest Expense YES DO THIS ONE!!! 10. Sales Discounts 2. Below are selected accounts of Lots OStuff Corporation for the year ended December 31, 2013: Lots O'Stuff Corporation Selected Accounts December 31, 2013, Debit Credit Sales 23,920 Cost of Goods Sold 8,400 Selling Expenses 3,300 General & Administrative Expenses 1,700 Interest Expense 100 Income Tax Expense 320 Prepare a multi-step income statement for the year ended December 31, 2013. 3. Below is the adjusted trial balance for Tillman Technology: Keep in mind I only want the Multi-step income statement. So some of the accounts on this trial balance trial dont belong on the income statement. Part of this assignment is to see if you know what belongs where.!!!! Tillman Technology Adjusted Trial balance December 31, 2013 Debit Credit Cash $ 10,000 Accounts Receivable 5,000 Prepaid Rent 3,000 Supplies 1,100 Land 25,350 Building 50,000 Accumulated Depreciation-Building $ 5,000 Trademark 2,500 Accounts Payable 8,000 Unearned Revenue 3,500 Notes Payable(3 months) 5,000 Common Stock 45,000 Retained Earnings 20,970 Sales 25,300 Sales Returns & Allowance 1,600 Sales Discounts 220 Interest Income 150 Cost of Goods Sold 10,100 Selling Expenses 2,300 General & Administrative Expenses 1,400 Interest Expense 250 Income Tax Expense 100 Total $ 112,920 $ 112,920 Prepare a multi-step income statement for the year ended December 31, 2013.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
