The following are taken from the income statement of Joy Traders. Supply the missing figures. Show...
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The following are taken from the income statement of Joy Traders. Supply the missing figures. Show computations in good form. Merchandise Inventory, Beginning Merchandise Inventory, End Purchases Purchase Returns and Allowances Purchase Discounts Freight-in Goods Available for Sale Cost of Sales Sales Sales Returns and Allowances Sales Discount Merchandise Inventory-Beg. Merchandise Inventory-End Purchases Purchase Returns and Allowances Purchase Discount 2017 Freight-in Discount Lost Loss on Sale of Equipment Interest Expense Store Utilities Expense Advertising Expense Store Salaries Expense Dep. Exp.-Store F&F Office Salaries Expense Dep. Exp.-Office F&F Supplies Expense Rent Expense Bad Debts Office Utilities Expense (1) 186,000 224,000 6,000 3,000 10,000 550,000 (2) 2018 (3) (4) (5) IV. Prepare the multiple-step income statement of Happy Kanin for year ended October 31, 2020. 26,000 12,000 22,000 1,174,000 920,000 1,100,000 32,500 40,000 70,000 40,000 562,500 33,750 11,250 6,000 3,000 1,500 1,200 100,000 150,000 17,000 6,000 11,250 3,000 2,000 22,000 4,500 18,750 The following are taken from the income statement of Joy Traders. Supply the missing figures. Show computations in good form. Merchandise Inventory, Beginning Merchandise Inventory, End Purchases Purchase Returns and Allowances Purchase Discounts Freight-in Goods Available for Sale Cost of Sales Sales Sales Returns and Allowances Sales Discount Merchandise Inventory-Beg. Merchandise Inventory-End Purchases Purchase Returns and Allowances Purchase Discount 2017 Freight-in Discount Lost Loss on Sale of Equipment Interest Expense Store Utilities Expense Advertising Expense Store Salaries Expense Dep. Exp.-Store F&F Office Salaries Expense Dep. Exp.-Office F&F Supplies Expense Rent Expense Bad Debts Office Utilities Expense (1) 186,000 224,000 6,000 3,000 10,000 550,000 (2) 2018 (3) (4) (5) IV. Prepare the multiple-step income statement of Happy Kanin for year ended October 31, 2020. 26,000 12,000 22,000 1,174,000 920,000 1,100,000 32,500 40,000 70,000 40,000 562,500 33,750 11,250 6,000 3,000 1,500 1,200 100,000 150,000 17,000 6,000 11,250 3,000 2,000 22,000 4,500 18,750
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To prepare the multiplestep income statement for Happy Kanin for the year ended October 31 2020 based on the information provided we will need to follow the format of a multistep income statement 1 Co... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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