identify the errors in the following income statement 551417
EX 6-6 Multiple-step income statement
Identify the errors in the following income statement:
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identify the errors in the following income statement 551417
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Keepsakes Company Income Statement For the Year Ended February 29, 2012 |
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Revenue from sales: |
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Sales |
$7,200,000 |
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Add: Sales returns and allowances |
$275,000 |
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Sales discounts |
130,000 |
405,000 |
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Gross sales |
$7,605,000 |
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Cost of merchandise sold |
4,075,000 |
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Income from operations |
$3,530,000 |
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Expenses: |
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Selling expenses |
$950,000 |
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Administrative expenses |
475,000 |
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Delivery expense |
125,000 |
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Total expenses |
1,550,000 |
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$1,980,000 |
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Other expense |
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Interest revenue |
30,000 |
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Gross profit |
$1,950,000 |
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