Reference no: EM132783791
Hoskins Company
Income Statement
For Year ended Mar 31, 2020
Revenues:
Sales $200,400
Merchandise Inventory 95,000
Sales Discounts 3,000
Total revenues $298,400
Expenses:
Salaries expense (55% sales, remaining $72,000 office)
Interest Expense 2,400
Supplies expense, selling 2,700
Travel expense, Salespersons 12,500
Insurance expense 6,200
Entertainment expense 800
Miscellaneous general expenses 2,500
Office Equipment 8,500
Advertising expense 22,100
Nicole, Withdrawals 18,000
InterestReveune 2,000
Cost of Goods Sold 165,500
Amortization expense-office building 8,500
Heat & Light expense 4,500
Total expenses 328,200
Net income (loss) $ (29,800)
problem 1: Make a classified multi-step income statement in good form for Hoskins Co.