The following is a listing of all of the income statement accounts for ABC, Inc. as they
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Question:
The following is a listing of all of the income statement accounts for ABC, Inc. as they appear on the adjusted trial balance as of December 31, 2021.
Advertising Expense | $12,000 | ||
Cost of Goods Sold | 89,000 | ||
Delivery Expense | 6,000 | ||
Insurance Expense | 1,000 | ||
Income Tax Expense | 2,000 | ||
Rent Expense | 12,000 | ||
Interest Expense | 5,000 | ||
Sales Revenue | 160,000 | ||
Sales Discounts | 11,000 | ||
Sales Returns & Allowances | 19,000 |
Required:
a. Prepare a multistep income statement. (do not abbreviate)
b. Compute the gross profit percentage. (show calculation)
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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