Question: Please help! Prepare a multiple-step income statement for an auto parts company: (This needs to be on Excel format, the first table is the whole
Please help! Prepare a multiple-step income statement for an auto parts company: (This needs to be on Excel format, the first table is the whole exercise, and the 2nd table is what I have so far, I know Im missing a few items.
| Accumulated Depreciation-Building | $18,000 | Account Receivable | $52,000 |
| Building | 500,000 | Note Payable | 54,000 |
| Sales | 8,020,000 | Joe Doe, Capital | 800,000 |
| Cost of Merchandise Sold | 620,000 | Joe Doe, Drawings | 18,000 |
| Merchandise Inventory | 230,000 | Administrative Expense | 7,500 |
| Utilities Expense | 1,700 | Telephone Expense | 2,000 |
| Supplies | 4,800 | Salaries Expense | 15,000 |
| Salaries Payable | 9,000 | Equipment | 30,000 |
| Western Auto | ||||||
| Multiple-Step Income Statement | ||||||
| For the year ended December 31, 2020. | ||||||
| Sales............................................................................................... | $8,020,000.00 | |||||
| Cost of merchandise sold............................................................... | $ 620,000.00 | |||||
| Gross Profit.................................................................................... | $7,400,000.00 | |||||
| Operating Expenses: | ||||||
| Selling Expenses: | ||||||
| Utilities expense................................. | $ 1,700.00 | |||||
| Total selliing expenses............................................. | $ 1,700.00 | |||||
| Administrative expenses: | ||||||
| Salaries expense.......................................... | $15,000.00 | |||||
| Administrative expense............................... | $ 7,500.00 | |||||
| Telephone expense..................................... | $ 2,000.00 | |||||
| Total administrative expenses.................................. | $24,500.00 | |||||
| Total operating expenses................................................................. | $ 26,200.00 | |||||
| Income from operations................................................................ | $7,373,800.00 | |||||
| Other revenue and expense: | ||||||
| Interest expense.......................................... | $ - | $ - | ||||
| Net Income......................................................................................... | $7,373,800.00 |
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