Multi-Step Income Statement
Scenario: An amateur accountant able this abridged assets account for Simon Company, a retail close that has been in business for a cardinal of years.
For the Year Ended December 31, 2017
Cost of appurtenances sold
As an experienced, abreast accountant, you analysis the account and actuate the afterward facts:
Net sales abide of: sales $911,000, beneath freight-out on commodity awash $33,000, and sales allotment and allowances $28,000.
Other revenues abide of sales discounts $18,000 and hire acquirement $4,000.
Selling costs abide of salespersons' salaries $80,000, abrasion on accessories $10,000, announcement $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions accept been becoming by salespersons but accept not been paid. All advantage should be recorded as Salaries and Wages Expense.
Administrative costs abide of appointment salaries $47,000, assets $18,000, utilities $12,000, absorption amount $2,000, and hire amount $24,000, which includes prepayments accretion $6,000 for the aboriginal division of 2018.
Prepare a abundant multi-step assets account with a abrupt account of 700 words (your account charge be in a Word certificate and formatted per APA guidelines). Assume a 25% tax rate.
Show your assignment on the Excel® spreadsheet
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