1. Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. 
2. 
   
3. Gain on sale of equipment $ 6,240 
4. Depreciation expense—Office copier $ 500
5. Office supplies expense 730 
6. Sales discounts 16,200 
7. Insurance expense 1,400 
8. Sales returns and allowances 3,800
9. Sales 212,000
10. TV advertising expense 2,600 
11. Office salaries expense 32,800 
12. Interest revenue 640
13. Rent expense—Selling space 10,500
14. Cost of goods sold 91,800
15. Sales staff wages 22,400 
16. Sales commission expense 13,900 

Prepare a multiple-step income statement.

Answer rating: 100% (QA)

FITFORLIFE FOODS Income Statement For the Year Ended D... View the full answer