Question

Presented below is information for Oakley Company for the month of March 2020.

Cost of goods sold $254,000 Rent expense $36,000

Freight-out 7,500 Sales discounts 8,800

Insurance expense 5,000 Sales returns and allowances 11,000

Salaries and wages expense 75,000 Sales revenue 425,000

a) Prepare a multiple -step income statement.

Answer 1