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. SIMON COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Net sales $850,000 Other revenues 22,000 872,000 Cost of appurtenances sold 555,000 Gross profit 317,000 Operating expenses Selling expenses 109,000 Administrative expenses 103,000 212,000  Net earnings $105,000 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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