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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31 Gain on sale of equipment Office supplies expense Insurance expense Sales office salaries expense 6,25

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31
Gain on sale of equipment
Office supplies expense
Insurance expense
Sales
office salaries expense
6,250 Depreciation expense-office copier
500
Sales discounts
700
16,000
4,000
2,000
Sales returns and allowances
1,300
220,000 TV advertising expense
Interest revenue
32,500
10,000
23,000 Sales commission expense
750
Rent expense-Selling space
Sales staff wages
Cost of goods sold
90,000
13,000
Prepare a multiple-step income statement.
FIT-FOR-LIFE FOODS
Income Statement
For Year Ended December 31
220,000
Sales
Less: Sales discounts
Less: Sales returns and allowances
16,000
4,000
20,000
Net sales
200,000
Cost of goods sold
90,000
Gross profit
110,000
Expenses
Selling expenses
10,000
23,000
2,000
Rent expense-Selling space
Sales staff wages
TV advertising expense
13,000
Sales commission expense
Total selling expenses
48,000
General and administrative expenses
700
Office supplies expense
Insurance expense
1,300
32,500
500
Office salaries expense
Depreciation expense-Office copier
Total general and administrative expenses
35,000
Total expenses
83,000
27,000
Other revenues, gains, expenses & losses
6,250
750
Gain on sale of equipment
Interest revenue
7,000
Total other revenues, gains, expenses & losses
220,000
Net income

Sep 16 2020 Read more Less More

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