54.Award: 1.00pointProblems? Adjust credit for all students.Save-the-Earth Co. reports the following income statement accounts for the year ended December31.Sales discounts$750Office salaries expense2,000Rent expense—Office space1,500Advertising expense500Sales returns and allowances250Office supplies expense500Cost of goods sold9,000Sales20,000Insurance expense1,000Sales staff salaries2,500Required:Prepare a multiple-step income statement for the year ended December 31.
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$
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Save-the-Earth Co.
Income Statement
For Year Ended December 31
Sales
20,000
Less: Sales discounts
750
Less: Sales returns and allowances
250
Net sales
Cost of goods sold
9,000
Gross profit
Expenses
Selling expenses
Sales staff salaries
2,500
Advertising expense
500
Total selling expenses
General and administrative expenses
Office supplies expense
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- Winter '16
- Balance Sheet, Income Statement, Revenue, Generally Accepted Accounting Principles, Save-the-Earth Co.
