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eduard
3 years ago
8

The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022

:
Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000

Required:
Prepare a multiple-step income statement.
Business
1 answer:
allochka39001 [22]3 years ago
4 0

Answer:

                                                                           $                              $

Sales Revenue                                                                             2,399,000    

Less:  

Sales return and allowances                        43,000  

Sales discount                                        <u>       8,600</u>

                                                                                                   <u>  2,347,400</u>

Net sales                                                                                    

Cost of goods sold                                                                 <u>       1,084,000</u>

Gross profit                                                                                     1,263,400

Operating expenses;

Advertising expense                                     54,000

Depreciation expense                                  124,000

Freight out                                                     24,000

Insurance expense                                       15,000

Salaries and wages expense                  <u>     674,000</u>

Total operating expense                                                          <u>     891,000‬</u>

Income from operation                                                                  372,400‬        

Other revenue and gains  

Interest revenue                                           32,000

Rent revenue                                            <u>    24,000  </u>              

                                                                                                         56,000

Other expenses and loss  

Interest expense                                                                            <u>    69,000</u>

Income before income taxes                                                          359,400

Income tax expense                                                                    <u>      69,000</u>

Net income                                                                                       290,400‬

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