Business, 02.07.2020 20:01 schoolemailonlyno1
Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement (assume that all amounts are correct, but note the Incorrect terminology and format)
BIG TOMMY CORPORATION
Profit and Loss
December 31
Debit Credit
Sales $275,000
Cost of Goods Sold $207,000
Sales Returns and Allowances 3,700
Sales Discounts 4,200
Salaries and Wages Expense 40,000
Office Expense 2,500
Travel Expenses 1,000
Income Tax Expense 4,980
Net Profit $275,000 $275,000
Required:
1. Prepare a properly formatted multistep income statement that would be used for internal reporting purposes. Treat Sales Returns and Allowances and Sales Discounts as contra-revenue accounts.
2. Prepare a properly formatted multistep income statement that would be used for external reporting purposes, beginning with the amount for Net Sales.
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Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookk...
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