Prepare a multiple step income statement for Surry Co. from the following data for the year ended December 31, 2010.
Sales, $915,000; cost of merchandise sold, $670,000; administrative expenses, $30,000; interest expense, $12,000; rent revenue, $19,000; sales returns and allowances, $55,000; selling expenses, $120,000.
| 1. If you were to prepare a Multiple Step Income Statement for Surry Co., what would be Surry Co.’s Net income? (Points : 3) |
$40,000
$190,000
$47,000
$150,000 |
| 2. If you were to prepare a Multiple Step Income Statement for Surry Co., what would be Surry Co. Gross Profit? (Points : 3) |
$40,000
$190,000
$150,000
$47,000 |
| 3. If you were to prepare a Multiple Step Income Statement for Surry Co., what would be Surry Co.’s total Operating Expenses? (Points : 3) |
$150,000
$190,000
$40,000
$47,000 |
| 4. If you were to prepare a Multiple Step Income Statement for Surry Co., what would be Surry Co.’s Net Sales? (Points : 3) |
$915,000
$670,000
$150,000
$860,000 |
| 5. If you were to prepare a Multiple Step Income Statement for Surry Co., what would be Surry Co.’s total of Other Revenue/Other Expenses? (Points : 3) |
$19,000
$7,000
$12,000
$40,000
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