Question: Please help me provide a corrected multi step income statement I've been trying to keep track of revenues and expenses, however, I'm not sure I've

Please help me provide a corrected multi step income statement

I've been trying to keep track of revenues and expenses, however, I'm not sure I've really had time do it right. Profit is certainly not what I was expecting. Given the attempt below can you help!

Hoskins Company

Income Statement

For Year ended Mar 31, 2020

Revenues:

Sales $200,400

Merchandise Inventory95,000

Sales Discounts3,000

Total revenues $298,400

Expenses:

Salaries expense (55% sales, remaining $72,000 office)

Interest Expense 2,400

Supplies expense, selling 2,700

Travel expense, Salespersons 12,500

Insurance expense 6,200

Entertainment expense 800

Miscellaneous general expenses 2,500

Office Equipment 8,500

Advertising expense22,100

Nicole, Withdrawals18,000

InterestReveune2,000

Cost of Goods Sold 165,500

Amortization expense-office building 8,500

Heat & Light expense 4,500

Total expenses 328,200

Net income (loss) $ (29,800)

I need a corrected classified multi-step income statement in good form for Hoskins Co.help would be greatly appreciated.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!