Fit-for-life foods reports the following income statement accounts for the year ended december 31. gain on sale of equipment $ 6,290 depreciation expense—office copier $ 550 office supplies expense 770 sales discounts 15,800 insurance expense 1,250 sales returns and allowances 4,000 sales 219,000 tv advertising expense 4,000 office salaries expense 31,200 interest revenue 730 rent expense—selling space 10,300 cost of goods sold 91,000 sales staff wages 22,100 sales commission expense 14,000 prepare a multiple-step income statement.

Total Profit-Loss = Debit-Credit = $ 396,120 - $ 277,890 = $ 118,230

Sales of $ 219,000 (D)

Sales Discount - $ 15,800 (C)

Sales returns and allowances - $ 4,000 (C)

Cost of goods sold - $ 91,000 (C)

Gross PROFIT $ 108,200 (D)

TV advertising expense - $ 4,000 (C)

Office supplies expense - $ 0,770 (C)

Depreciation expense - Office copier - $ 0.550 (C)

Office salaries expense - $ 31,200 (C)

Rent expense - Selling space - $ 10,300 (C)

Sales commission expense - $ 14,000 (C)

Sales staff wages - $ 22,100 (C)

Operating EXPENSES - $ 82,920 (C)

Operating INCOME $ 25,280 (D)

Insurance Expenses - $ 1,250 (C)

Interest revenue of $ 0,730 (D)

Gain on Sale of Equipment $ 6,290 (D)

NonOperating EXPENSES $ 5,770 (D)

Operating INCOME $ 31,050 (D)

In accounting, gross profit is sales profit is the difference between income and the cost to make a product or service before deducting overhead costs, salaries, taxes, and interest payments. Note that this is different from operating income (earnings before interest and taxes).

Net sales = gross sales - sales returns and sales discounts

Profit, profit, or profit can be defined in two ways, the first Profit in pure economics is defined as an increase in the wealth of an investor as a result of capital investors, after deducting the costs associated with the investment (including in it, opportunity costs). Meanwhile, profit in accounting is defined as the difference between the sales price and the cost of production.

Profit is the fire element of most concern to users because profit numbers are expected to be rich enough to represent the company's overall performance. However, accounting theory has not yet achieved stability in the meaning and measurement of earnings. Therefore, in contrast to other elements of the financial statement water, the discussion of earnings includes three levels, namely: semantic, syntactic, and pragmatic.

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Sales Profit  

Profit-Loss  

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Grade: College

Subject: Business

Keyword: sales, profit, loss

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