The following is taken from the accounting records of the Makeup Hut for the month of April.
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The following is taken from the accounting records of the Makeup Hut for the month of April. Use this information to prepare a multiple step income statement for April in the space provided on the next page. Be sure to include only those items that belong on an income statement.
Accounts Payable $ 21,000
Accounts Receivable 40,000
Advertising Expense 12,000
Capital Stock 90,000
Cash 10,000
Cost of Goods Sold 300,000
Interest Expense 1,000
Merchandise Inventory 80,000
Retained Earnings, 4/30/20-- 20,000
Sales (net of discounts and returns) 620,000
Salaries Expense 150,000 Makeup Hut
Income Statement For the month ended April 30, 20--
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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