The following is a listing of all of the income statement accounts for Mulberry Stree balance as of December 31. Advertising Expense Coat of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances Required: a. Prepare a multistep income statement. Include all operating expenses in one lin $ 10,300 87,200 4,400 1,400 7,080 11,800 1,600 161,900 9,000 18,500
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- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 1. Calculate the company's net sales for the year. Net sales
- The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19, 500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020he questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: applies to th Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense E6-17 (Algo) Part 1 Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statementes Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 0 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200
- Blossom Company provides the following information for the month ended October 31, 2022: sales on credit $280,100, cash sales $100,100, sales discounts $5,100, and sales returns and allowances $10,100.Prepare the sales section of the income statement based on this information. BLOSSOM COMPANYIncome Statement (Partial)choose the accounting period For the Year Ended October 31, 2022For the Month Ended October 31, 2022October 31, 2022 select an opening section name DrawingsExpensesNet Income / (Loss)SalesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31Cost of Goods SoldGross Profit select an item $enter a dollar amount select between addition and deduction AddLess: select an item $enter a dollar amount select an…Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the following: a. Estimated customer allowances b. Estimated customer returns
- The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in P764,985 8,200 5,465 459,990 9,180 13,300 5,455 25,000 Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expenso is 4% of net sales. Classify the bad debt expense as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit. f. Total Expenses g. Net Income/Loss1. The Income statement for STEM Store for the year ended 31 December 2021 with the following data: 192,000 29,700 31,200 13,400 107,000 28,100 Gross Sales P Beginning Inventory Ending Inventory Sales Returns and allowances Net purchases Operating Expenses Determine the STEM Store's: a) Net Sales b) Cost of Goods Sold c) Gross Profit from Sales d) Net IncomeSolve for the following with provided solution: for reference: https://www.bartleby.com/questions-and-answers/income-statement-just-stuff-inc.-for-the-years-ended-dec.-31-2019-and-2020-2019-2020-sales-revenue-p/935f7cfa-fccf-4e0b-b22f-0cb98b1eb001