Answer to Question #249828 in Accounting for Another you

Question

A. Prepare single-step Income Statement of Quaranteen Comapany for the month ended, September 30, 2021.

Account Balances: Gross Sales - 1,771,800; Sales discount - 10,440; Sales returns and allowances - 9,000; Purchases - 1,000,000; Purchase discounts - 3,000; purchase returns and allowances - 9,000; Freight-in - 5,000. Merchandise inventory on september 1 is 500,000 and merchandise inventory end on september 30 is 380,000. General and administrative expenses include: Office supplies expense - 9,400; salaries expense - 30,000; utilities expense - 11,600; commission expense - 10,000; store supplies expense - 12,400; delivery expense - 18,600; Interest expense - 2,400.

Answer 1

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