The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 31,100.00 31,130.00 Sales 324,360.00 Sales Returns and Allowances 13,970.00 Sales Discounts 7,620.00 Purchases 126,210.00 Purchases Returns and Allowances 1,020.00 Purchases Discounts
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1MBA
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The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories.
INCOME STATEMENT | ||
ACCOUNT NAME | DEBIT | CREDIT |
Income Summary | 31,100.00 | 31,130.00 |
Sales | 324,360.00 | |
Sales Returns and Allowances | 13,970.00 | |
Sales Discounts | 7,620.00 | |
Purchases | 126,210.00 | |
Purchases Returns and Allowances | 1,020.00 | |
Purchases Discounts | 1,110.00 | |
Freight In | 8,460.00 | |
Selling Expenses | 61,470.00 | |
General Expenses | 51,751.00 | |
300,581.00 | 357,620.00 | |
Net Income | 57,039.00 | |
357,620.00 | 357,620.00 |
From the information given, prepare an income statement for the company.
Ralley CompanyIncome StatementFor Year Ended August 31, 20--
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