Solution-Prepare a multiple-step income statement

Prepare a multiple-step income statement

Reference no: EM131710498

Question - 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	52,750
Sales		511,500
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	130
Freight Out	70
Income Tax Expense	500
Salaries Expense	550
Utilities Expense	100

Additionally, Inventory for December 31, 2015 was 52,600. 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: EM131710498

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Prepare a multiple-step income statement

Reference no: EM131710498

Reference no: EM131710498

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