Solution-Create a partial multiple-step income statement

Create a partial multiple-step income statement

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Reference no: EM131805161

Problem

The following is a partial Adjusted Trial Balance for Alpha Company for the month:

Alpha Company Adjusted Trial Balance (partial) January 31, 2016
Accounts	Debit	Credit
Inventory	$2,750
Sales		$12,500
Sales Discounts	200
Sales Returns & Allowances	1,200
Purchases	4,000
Purchases Discounts		150
Purchase Returns & Allowances		450
Freight In	50
Advertising Expense	150
Depreciation Expense	145
Freight Out	70
Income Tax Expense	500
Salaries Expense	500
Utilities Expense	100

Additionally, Inventory for December 31, 2015 was $2,700. Prepare a multiple-step income statement. Prepare a partial multiple-step income statement that includes the Sales, Cost of Goods Sold sections & gross profit.

Reference no: EM131805161

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Create a partial multiple-step income statement

Reference no: EM131805161

Reference no: EM131805161

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