Prepare a multiple-step income statement for Goodwin Co. from the following data for the year ended December 31, 2005.
Sales, $925,000; cost of merchandise sold, $560,000; administrative expenses, $30,000; interest expense, $10,000; rent revenue, $20,000; sales returns and allowances, $55,000; selling expenses, $110,000.
2006-10-20 08:50:34 · 4 answers · asked by School H 1 in Education & Reference ➔ Homework Help
Here's how to go about doing it:
Decide which are revenue and which are expenses (costs).
Revenue minus expenses = income (if positive) or loss (if negative).
Look in your book on how to list the items in multiple-step format.
2006-10-20 09:12:25 · answer #1 · answered by messageboardjunkie 3 · 0⤊ 0⤋
How can you have no idea? Really, NONE??? Were you sleeping in class? Did you not read the chapter? What happens during the next exam, and you still have no idea? Are you going to put a big QUESTION MARK instead of making a guess?
2006-10-20 08:54:13 · answer #2 · answered by just browsin 6 · 0⤊ 0⤋
+ 925,000
- 560,000
- 30
- 10
- 20
+ 55
- 110
---------------
+ 364,885
2006-10-20 09:11:18 · answer #3 · answered by shiva1632 2 · 0⤊ 1⤋
so .........you want US to do your homework for you when you have the resources to get this answer at your fingertips?I wish I had a comp when I was going to accounting school
2006-10-20 08:53:53 · answer #4 · answered by lcsotter 4 · 0⤊ 0⤋