Business, 05.05.2020 16:15 kadeWayne

Progress Presented below is information for Sunland Company for the month of January 2022. Cost of goods sold $278,000 Rent expense $30,000 Freight-out 7,300 Sales discounts 5,300 Insurance expense 12,400 Sales returns and allowances 13,000 Salaries and wages expense 48,000 Sales revenue 432,000 Prepare a multiple-step income statement.

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Answer from: alextoro

Sunland Company

Income statement for the year ended December 31, 2020

Amount in $'000

Sales 432

Less;

Sales returns and allowances (13)

Sales discounts (5.3)

Net Sales 413.7

Cost of goods sold (278)

Gross profit 135.7

Operating expenses

Freight-out (7.3)

Salaries and wages expense (48)

Rent expense (30)

Insurance expense (12.4)

Net Income/(loss) 38

Explanation:

A multi-step income statement is one in which the elements of incomes and expenses are grouped into operating and non-operating heads.

Operating income and expenses are those that are directly related to the ordinary activities of the entity

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shopping mall is a group of retail stores under one roof. the cognitive structure of an urban shopping center. attributes of shopping mall image, customer satisfaction and mall patronage for selected shopping malls in southern gauteng

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answer: kevoto

explanation: be healthy

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Progress Presented below is information for Sunland Company for the month of January 2022. Cost of g...

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