Homework 2 (1)

Homework 2 (1) - 5,850 Goods available for sale 150,000...

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Cal Poly Pomona FMA 224 Financial Accounting Online Series Homework #2 Due: Thursday, January 20, 2011 Instructions: Find the missing components of the Multistep Income Statement! Reyna Company Income Statement May 31, 2009 Sales 300,000 Sales discounts 15,000 Sales returns and allowances 20,000 Net Sales 265000 Net Sales Merchandise inventory, May 31, 2008 Merchandise inventory, May 31, 2008 Merchandise purchased 125,000 Purchase discounts 15,000 Purchase returns and allowances Purchase returns and allowances Net Purchases 98,000 Transportation-in
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Unformatted text preview: 5,850 Goods available for sale 150,000 Merchandise inventory, May 31, 2009 576000 Merchandise inventory, May 31, 2009 Cost of Goods Sold 426000 Cost of Goods Sold Gross Profit from sales 126,000 Sales salaries expense 40,000 Rent expense, selling space 10,000 Store Supplies expense 16,000 Advertising expense 40000 Advertising expense Office salaries expense 14,000 Rent expense, Office space 5,000 Office supplies expense 1,000 Total operating expenses 126,000 Net Income Net Income...
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