Multi step income statement
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Clarification in computing the company's net sales, gross profit, and net income for the year ended june 30th 2000.
Key question, if the owner of the business is trying to make a gross profit of $90,000 and net income of $50,000. How could you determine if he achieved his goals. Just need a brief explanation.
ACCOUNTING RECORDS AS OF JUNE 30TH 2000
CASH $ 13,600
ACCOUNTS RECEIVABLE $ 8,100
NOTE PAYABLE $ 4,300
SALES REVENUE $ 199,100
SALARY PAYABLE $ 1,800
CAPITAL $ 36,000
SALES RETURNS & ALLOWANCES $ 12,100
SELLING EXPENSES $ 19,800
WITHDRAWALS $30,400
INVENTORY: JUNE 30 TH 1999 $23,800
JUNE 30 TH 2000 $28,500
EQUIPMENT $44,700
COST OF GOODS SOLD $95,000
ACCUMULATED DEPRECIATION:
EQUIPMENT $6,900
SALES DISCOUNTS $3,400
GENERAL EXPENSES $16,300
ACCOUNTS PAYABLE $23,800
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1. Multi-step income statement
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