Exercise 4-17 (Algo) Preparing a multiple-step income statement LO P4

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

Gain on sale of equipment	$ 6,240	Depreciation expenseOffice copier	$ 560
Office supplies expense	750	Sales discounts	15,700
Insurance expense	1,270	Sales returns and allowances	4,000
Sales	227,000	TV advertising expense	3,800
Office salaries expense	33,000	Interest revenue	660
Rent expenseSelling space	11,400	Cost of goods sold	91,000
Sales staff wages	23,800	Sales commission expense	13,200

Prepare a multiple-step income statement.

FIT-FOR-LIFE FOODS
Income Statement
For Year Ended December 31
		0
		0
		0
Expenses
Selling expenses
Total selling expenses		0
General and administrative expenses
Total general and administrative expenses		0
Total expenses		0
		0
Other revenues, gains, expenses and losses
Total other revenues, gains, expenses and losses		0