From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form.Brookstone Art SuppliesAdjusted Trial BalanceDecember 31?DebitCreditCash$9,400?Accounts receivable25,000?Merchandise inventory36,000?Office supplies900?Store equipment75,000?Accumulated depreciation-store equipment?$22,000Office equipment60,000?Accumulated depreciation-office equipment?15,000Accounts payable?42,000Notes payable?10,000Common stock?20,000Retained earnings?90,700Dividends48,000?Sales?325,000Sales discounts6,000?Sales returns and allowances16,500?Cost of goods sold195,000?Selling expenses32,500?General and administrative expenses19,800?Interest expense600?Totals $524,700$524,700???
What will be an ideal response?
| Brookstone Art Supplies Income Statement For the year ended December 31 | ||
| Sales | ? | $325,000 |
| Less: Sales discounts | $ 6,000 | ? |
| Sales returns and allowances | 16,500 | 22,500 $302,500 |
| Net sales | ? | ? |
| Cost of goods sold | ? | 195,000 107,500 |
| Gross profit | ? | ? |
| Operating expenses | ? | ? |
| Selling expenses | 32,500 | ? |
| General and administrative expenses | 19,800 | ? |
| Total operating expenses | ? | 52,300 55,200 |
| Income from operations | ? | ? |
| Other expenses | ? | ? |
| Interest expense | ? | 600 $ 54,600 |
| Net income | ? | ? |
| ? | ? | ? |
You might also like to view...
BMW's "The ultimate driving machine," American Express' "Don't leave home without it," New York Times' "All the news that's fit to print," and AT&T's "Reach out and touch someone" are all examples of brand _____
A) slogan B) personality C) mission D) architecture E) vision
Business transactions and events are the starting points of financial statements.
Answer the following statement true (T) or false (F)
An excellent way to avoid difficult employee’s outbursts in the future is to ______.
A. bond with that employee B. try to change their personality C. ask others in the office to not annoy that employee D. ask questions and think critically about the answers
A hospital benchmarked against a Ferrari racing team in an effort to:
A) improve patient handoff quality. B) increase surgery prep time. C) lengthen surgery duration. D) reduce the number of doctors. E) all of the above