Operating expenses $ 45,000 Sales returns and allowances 13,000 Sales discount 6,000 Sales revenue 150,000 Costs of sales 77,000 The amount of net sales on the income statement would be:

Sales discounts $ 950Office salaries expense 4,000Rent expense—Office space 3,500Advertising expense 900Sales returns and allowances 450Office supplies expense 900Cost of goods sold 13,000Sales 60,000Insurance expense 3,000Sales staff salaries expense 4,500Prepare a multiple-step income statement for the year ended December 31.

Which of the following is reported as part of the operating expenses?Group of answer choicesFreight-inFreight-outCost of salesSales allowances

The statement below is likely from which of the following type of business and form of organisation:Income StatementFor the year ended 30th Junerevenue$250 000 Cost of salesGross profitExpenses:Selling expensesFinancing expensesGeneral & administrative expensesTotal expensesNet profit before taxIncome tax expenseNet profit after tax100 000       50 00010 00050 000    150 000  110 00040 00012 00028 000Question 9Answera.a service companyb.a merchandising sole-proprietorshipc.a merchandising partnershipd.a merchandising companye.a service sole-proprietorship

Required informationSkip to question[The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 170,000Income Tax Expense 19,230Merchandise Sales (gross revenue) for Cash 250,000Merchandise Sales (gross revenue) on Credit 44,000Office Expense 19,500Sales Returns and Allowances 7,350Salaries and Wages Expense 42,200Required:Prepare a multistep income statement for external reporting purposes.

The amount of the purchases for a period is presented in:Multiple Choicethe Revenue section of the income statement.the Operating Expenses section of the income statement.the Cost of Goods Sold section of the income statement.the Liabilities section of the balance sheet.