Question

resented below is information for Swifty Company for the month of March 2020. Cost of goods sold $218,520 Rent expense $30,370 Freight-out 6,450 Sales discounts 7,050 Insurance expense 5,410 Sales returns and allowances 12,910 Salaries and wages expense 58,680 Sales revenue 386,090

(a) Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SWIFTY COMPANY Income Statement March 31, 2020For the Year Ended March 31, 2020For the Month Ended March 31, 2020 DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating Expenses $ LessAdd : $     Drawings    Net Income / (Loss)    Owner's Capital, March 1    Owner's Capital, March 31    Sales Revenues    Total Revenues    Net Sales    Gross Profit    Operating Expenses    Total Operating Expenses     DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating Expenses DrawingsNet Income / (Loss)Owner's Capital, March 1Owner's Capital, March 31Sales RevenuesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating Expenses     Drawings    Net Income / (Loss)    Owner's Capital, March 1    Owner's Capital, March 31    Sales Revenues    Total Revenues    Net Sales    Gross Profit    Operating Expenses    Total Operating Expenses         Drawings    Net Income / (Loss)    Owner's Capital, March 1    Owner's Capital, March 31    Sales Revenues    Total Revenues    Net Sales    Gross Profit    Operating Expenses    Total Operating Expenses     $

Answer 1

SWIFTY COMPANY Income Statement For the Month Ended March 31,2020 Sales Sales Revenue $386,090 Less: sales Discounts $ 7.050 Sales Returns and allowences $ 12.910 $ 19,960 Net Sales $366,130 Cost of Goods Sold $218,520 Gross Profit $147,610 operating Expenses: Insurance Expense $ 5,410 Salaries and Wage Expense $58,680 Freight-Out $ 6,450 Rent Expense $ 30,370 Total Operating Expenses $ 100,910 Net Income $ 46,700