Prepare a corrected income statement for Carlsbad Company for the year ended december 31, 2015. CARLSBAD COMPANY

Prepare a corrected income statement for Carlsbad Company for the year ended december 31, 2015.

 

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CARLSBAD COMPANY Income Statement For the Year Ended February 28, 20Y9 Revenue from sales: Sales $6,600,000 Add: Sales returns and allowances $180,000 Sales discounts 90,000 270,000 Gross sales $6,870,000 Cost of merchandise sold 3,975,000 Income from operations $2,895,000 Expenses: Selling expenses $1,200,000 Administrative expenses 900,000 Delivery expense 75,000 Total expenses 2,175,000 other expense: $720,000 Interest revenue 60,000 Gross profit $660,000 CARLSBAD COMPANY Income Statement For the Year Ended February 28, 20Y9 Revenue from sales: Sales $6,600,000 Add: Sales returns and allowances $180,000 Sales discounts 90,000 270,000 Gross sales $6,870,000 Cost of merchandise sold 3,975,000 Income from operations $2,895,000 Expenses: Selling expenses $1,200,000 Administrative expenses 900,000 Delivery expense 75,000 Total expenses 2,175,000 other expense: $720,000 Interest revenue 60,000 Gross profit $660,000

Answer rating: 100% (QA)

Income Statement For the year ended 28 Feb Revenue from Sales Sales 660000000 Less Sales ... View the full answer