Question

In: Accounting

The following information for sana co . for year ended 31/12/2017 in euro Sales 405000 Beginning...

The following information for sana co . for year ended 31/12/2017 in euro

Sales

405000

Beginning inventory

100000

Purchases

350000

Fright on Purchases

16000

Purchases return

35000

Salaries

44000

50% selling

Fright out

3000

Sales discount

2000

Advertising expenses

2200

50% selling

Traveling expenses

8000

50% selling

Tele

600

Rent expenses

4300

1300$ selling

Supplies expenses

5300

Selling

Interest expenses

1700

Depreciation expenses

6700

Bad debit expenses

1000

Insurance expenses

360

Interest receivables

800

Interest revenues

800

Prepaid rant

500

Selling commissions

6000

Salaries payable

(5000)

Ending inventory

280000

Required : prepare multiple step income statement and closing entries under tax rate 20%

Solutions

Expert Solution

SANA CO.

INCOME STATEMENT AS ON 31/12/2017 ( USING MULTIPLE STEP APPROACH) (AMOUNT IN EURO)


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