question archive Multi-Step Income Statement The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue $645,000 Sales Returns and Allowances $ 50,000 Sales Discounts 9,500 Cost of Goods Sold 396,000 Freight-Out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Salaries and Wages Expense 84,000 Utilities Expense 23,000 Depreciation Expense 3,500 Interest Revenue 25,000 Instructions Use the above information to prepare a multiple-step income statement for the year ended December 31, 2014
Multi-Step Income Statement The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue $645,000 Sales Returns and Allowances $ 50,000 Sales Discounts 9,500 Cost of Goods Sold 396,000 Freight-Out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Salaries and Wages Expense 84,000 Utilities Expense 23,000 Depreciation Expense 3,500 Interest Revenue 25,000 Instructions Use the above information to prepare a multiple-step income statement for the year ended December 31, 2014
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Multi-Step Income Statement
The adjusted trial balance of McCoy Company included the following selected accounts:
|
|
Debit |
Credit |
|
Sales Revenue |
|
$645,000 |
|
Sales Returns and Allowances |
$ 50,000 |
|
|
Sales Discounts |
9,500 |
|
|
Cost of Goods Sold |
396,000 |
|
|
Freight-Out |
2,000 |
|
|
Advertising Expense |
15,000 |
|
|
Interest Expense |
19,000 |
|
|
Salaries and Wages Expense |
84,000 |
|
|
Utilities Expense |
23,000 |
|
|
Depreciation Expense |
3,500 |
|
|
Interest Revenue |
|
25,000 |
Instructions
- Use the above information to prepare a multiple-step income statement for the year ended December 31, 2014.
- Calculate the profit margin.
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