Question

Use the following information to prepare a multi-step income statement (be sure you show the cost of goods sold section in proper format). 

The selected accounts and balances for Keystone Market appear as follows:

Sales salaries expense

$ 10,000

Office salaries expense

5,000

Rent revenue

1,000

Interest expense

2,000

Misc administrative expense

500

Misc selling expense

700

Delivery expense

800

Sales

250,000

Cost of merchandise sold

75,000

Sales salaries expense

$ 10,000

 

 

Office salaries expense

5,000

Rent revenue

1,000

Interest expense

2,000

Misc administrative expense

500

Misc selling expense

700

Delivery expense

800

Sales

250,000

Cost of merchandise sold

75,000

 

   

 

 



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