Ashril Company gathered the following condensed data for the year ended 31 December 2020: (RM) (RM) Cost
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Question:
Ashril Company gathered the following condensed data for the year ended 31 December 2020:
(RM) (RM)
Cost of goods sold 670,000 Interest expense 25,000 Net sales 2,100,000 Dividend revenue 60,000 Casualty loss from vandalism 95,000 Operating expense 55,000
Required:
(a) Prepare a multiple-step income statement for the year ended 31 December 2020. (8 marks)
(b) A merchandiser frequently has a need to use contra accounts related to the sale of goods:
i. Classify the contra accounts that have normal debit balances. (1 marks) ii. Illustrate why they are not considered expenses. (1 marks)
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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