Multiple-Step Income Statement Assignment | Top Universities
January 23rd, 2020
Let's Work It Out operates several retail stores that specialize in products for a healthy lifestyle. Some of its financial information is shown below for its fiscal year ended January 31, 2018.
| Cost of Goods Sold | $61,600 |
| Depreciation Expense – Store Equipment | $5,830 |
| Gain on Sale of Equipment | $4,760 |
| Insurance Expense | $10,200 |
| Interest Expense | $1,220 |
| Office Salaries Expense | $36,100 |
| Office Supplies Expense | $3,200 |
| Sales Discounts | $2,300 |
| Sales Returns and Allowances | $5,300 |
| Sales Revenue | $181,600 |
| Sales Salaries Expense | $32,600 |
| Utilities Expense – Office | $3,400 |
| Utilities Expense – Retail | $7,400 |
Required
Prepare a multiple-step income statement.
Do not enter dollar signs or commas in the input boxes.
Enter all accounts under the appropriate section in alphabetical order.
Do not use negative signs.
| Let's Work It Out Income Statement For the Year Ended January 31, 2018 |
|||
| Sales Revenue | $Answer | ||
| Less: | |||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| Subtotal | $Answer | ||
| Net Sales | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| Gross Profit | $Answer | ||
| Operating Expenses | |||
| Selling Expenses | |||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| Total Selling Expenses | $Answer | ||
| Administrative Expenses | |||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| Total Administrative Expenses | $Answer | ||
| Total Operating Expenses | $Answer | ||
| Income from Operations | $Answer | ||
| Other Income and Expenses | |||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| AnswerCost of Goods SoldDepreciation Expense – Store EquipmentGain on Sale of EquipmentInsurance ExpenseInterest ExpenseOffice Salaries ExpenseOffice Supplies ExpenseSales DiscountsSales Returns and AllowancesSales RevenueSales Salaries ExpenseUtilities Expense – OfficeUtilities Expense – Retail | $Answer | ||
| Total Other Income and Expenses | $Answer | ||
| Net Income | |||
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