Question: please make sure the white boxes are correct!! pls Presented below is information for Sheffield Chocolatiers for the month of March 2020. Cost of goods

please make sure the white boxes are correct!! plsplease make sure the white boxes are correct!! pls Presented below isinformation for Sheffield Chocolatiers for the month of March 2020. Cost ofgoods sold 166,104 Rent expense 30,440 Freight-out 10,960 Sales discounts 8,350 Insurance

Presented below is information for Sheffield Chocolatiers for the month of March 2020. Cost of goods sold 166,104 Rent expense 30,440 Freight-out 10,960 Sales discounts 8,350 Insurance expense 5,450 Sales returns and allowances 13,190 Salaries and wages expense 58,650 Sales revenue 390,660 Other comprehensive income 1,750 Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e.g. (45).) SHEFFIELD CHOCOLATIERS Income Statement For the Month Ended March 31, 2020 Sales Sales Revenue 390660 Less Sales Returns and Allowances 13190 i Sales Discounts 8,350 4840 Net Sales 395500 Cost of Goods Sold 166,104 Gross Profit 561604 Operating Expenses Salaries and Wages Expense 58650 Freight-Out 10960 i Insurance Expense 5450 Rent Expense 30440 Total Operating Expenses 105500 i Net Income /(Loss) 456104 e Textbook and Media Prepare a comprehensive income statement. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) SHEFFIELD CHOCOLATIERS Comprehensive Income Statement For the Month Ended March 31, 2020 Net Income /(Loss) 97516 Other Comprehensive Income V 1750 Comprehensive Income /(Loss) f 99266 e Textbook and Media List of Accounts Your answer is incorrect. Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate 56 % e Textbook and Media

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!