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