The following account information, in alphabetical order, was taken from the work sheet of Compu-Soft for the month ended November 30, 2017.

		Adjusted Trial Balance
	Account	Debit	Credit
201	Accounts payable		$810
106	Accounts receivable	$ 1,260
166	Accumulated depreciation, store equipment		5,200
101	Cash	2,400
502	Cost of goods sold	15,400
612	Depreciation expense, store equipment	120
301	Peter Delta, capital		3,495
302	Peter Delta, withdrawals	5,200
406	Rent revenue		3,100
413	Sales		30,000
415	Sales discounts	45
414	Sales returns and allowances	780
165	Store equipment	7,800
690	Utilities expense	2,700
623	Wages expense	6,900
	Totals	$42,605	$42,605

Required:
Prepare a multiple-step income statement for the month ended November 30, 2017.



Analysis component:
Assume that for the month ended October 31, 2017, net sales were $35,000, cost of goods sold was $21,000, and income from operations was $8,600. Calculate the company’s gross profit ratios for October and November. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

Answer rating: 100% (QA)

Solution 1 COMPUSOFT INCOME STATEMENT For the Year Ende... View the full answer