Module 2 Assignment:Prepare the multi-step income statement for Ma and Pa Grocery for the year ended 12/31/20XX.
Calculate the gross profit % for the year.
Sales Revenue
Equipment
Accounts Payable
Sales Discounts
Advertising Expense
Interest Expense
Wages Payable
Accounts Receivable
Building
Common Stock
Sales returns and Allownaces
Utilities Expense
Inventory
Commission Expense
Cost of goods sold
Accumulated depreciation-equipment
Unearned sales revenue
Prepaid Rent
Office salaries expense
Accumulated depreciation-building
Rent Expense
Dividends
cash
retained earnings
dielivery expense
insurance expense
mortgage payable(long term)
Supplies
322,800
104,000
16,500
2,200
12,600
1,700
1,600
6,900
140,000
35,000
6,700
10,300
16,400
22,300
158,400
26,400
2,500
1,200
52,000
40,500
5,800
14,000
7,800
87,600
1,300
5,700
37,000
600
Requirements:
1
Prepare the multiple step Income Statement for the period ending December 31, 20XX.
Ma and Pa Grocery
Income Statement
For the year ended 12/31/20XX
Sales Revenue:
Less: Sales Returns and Allowances
Sales Discounts
Net Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Selling Expenses:
Commission Expense
Advertising Expense
Delivery Expense
General and Administrative Expenses:
Office Salaries Expense
Utilities Expense
Rent Expense
Insurance Expense
Operating Income
Other Revenues (Expenses):
Interest Expense
Net Income
2
Calculate the gross profit % for the year. Show your work. Formula: Gross Profit / Net Sales
Gross Profit %
=
=
/20XX
fit / Net Sales
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