Fit-for-Life Foods reports the following income statement accounts for the year ended December 31
Gain on sale of equipment $ 6,250 Depreciation expense—Office copier $ 500
Office supplies expense 700 Sales discounts 16,000
Insurance expense 1,300 Sales returns and allowances 4,000
Sales 220,000 TV advertising expense 2,000
Office salaries expense 32,500 Interest revenue 750
Rent expense—Selling space 10,000 Cost of goods sold 90,000
Sales staff wages 23,000 Sales commission expense 13,000
Prepare a multiple-step income statement.

Question

27-07-2020
Business

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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 $ 6,250 Depreciation expense—Office copier $ 500
Office supplies expense 700 Sales discounts 16,000
Insurance expense 1,300 Sales returns and allowances 4,000
Sales 220,000 TV advertising expense 2,000
Office salaries expense 32,500 Interest revenue 750
Rent expense—Selling space 10,000 Cost of goods sold 90,000
Sales staff wages 23,000 Sales commission expense 13,000
Prepare a multiple-step income statement.

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Zviko Zviko · Answer 1 · 2020-07-29T03:06:34+02:00

Answer:

Fit-for-Life Foods

Multiple-step income statement, for the year ended December 31

Sales 220,000

Less Sales returns and allowances (4,000)

Net Revenue 216,000

Less Cost of goods sold (90,000)

Gross Profit 126,000

Less Operating Expenses :

General and Administrative Expenses

Gain on sale of equipment ( 6,250)

Office supplies expense 700

Depreciation expense—Office copier 500

Insurance expense 1,300

Office salaries expense 32,500 (28,750)

Selling and Distribution Expenses

TV advertising expense 2,000

Sales discounts 16,000

Sales commission expense 13,000

Sales staff wages 23,000

Rent expense—Selling space 10,000 (64,000)

Operating Income / (Loss) 33,250

Less Non - Operating Expenses

Interest revenue 750

Net Income / (Loss) 34,000

Explanation:

A multiple-step income statement shows separately profit generated from Primary Activities of the Company (Operating Profit) and profits that included Secondary Activities of the Company (Net Profit)