Purchase Solution

Financial Accounting : Income Statement

Not what you're looking for?

Ask Custom Question

Using whatever data you believe appropriate, prepare a multiple-step income statement for the Pratt Department Store for the year ended December 31, 2000.

Multiple-Step Income Statement

Below is a partial listing of the adjusted account balances of the Pratt Department Store at year-end on December 31, 2000.

Accounts Receivable $ 19,000
Cost of Goods Sold 270,000
Selling Expenses (includes depreciation) 35,000
Interest Expense 1,000
Accumulated Depreciation-Building 10,000
Sales Discounts 22,000
Merchandise Inventory 45,000
Administrative Expenses (includes depreciation) 18,000
Sales 350,000
Accounts Payable 14,000
Interest Revenue 800

Purchase this Solution

Solution Summary

An income statement is created. The solution is detailed and well presented.

Solution Preview

The general structure of Multiple-Step Income Statement
+ Cash sales
+ Credit sales
= Total Sales
- sales returns & allowances
- sales ...

Purchase this Solution

Free BrainMass Quizzes
Transformational Leadership

This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.

MS Word 2010-Tricky Features

These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking