The following is a partial Adjusted Trial Balance for Alpha Company for the month:

Question 10 (15 points)

The following is a partial Adjusted Trial Balance for Alpha Company for the month:

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Alpha Company
Adjusted Trial Balance (partial)
January 31, 2016
Accounts	Debit	Credit
Inventory	$2,750
Sales		$11,500
Sales Discounts	200
Sales Returns & Allowances	1,200
Purchases	4,000
Purchases Discounts		150
Purchase Returns & Allowances		450
Freight In	50
Advertising Expense	150
Depreciation Expense	130
Freight Out	70
Income Tax Expense	500
Salaries Expense	550
Utilities Expense	100

Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income statement.

What amount should Alpha Company report on a Multi-Step Income Statement for the following items:

1. Net Sales

2. Cost of Goods Available for Sales

3. Gross Profit

4. General & Administrative Expenses

5. Income before Taxes

Expert Answer

Net sales
Sales	$11,500
Sales Discounts	-200
Sales Returns & Allowances	-1,200
Net sales	$10,100

Cost of Good sold Available for sales
Inventory		$2,750
Purchases	4,000
Purchases Discounts	-150
Purchase Returns & Allowances	-450
Freight In	50
Net purchases		$3,450
Cost of Good sold Available for sales		$6,200

Gross profit
Cost of Good sold Available for sales	$6,200
Less: ending Inventory	2600
Cost of good sold	$3,600

General & administrative expenses
Depreciation Expense	130
Salaries Expense	550
Utilities Expense	100
General & administrative expenses	780

Income before taxes	5500
10100-3600-780-70-150

Multiple Income statemrnt
Sales		10100
Less: cost of good sold		$3,600
Gross Profit		$6,500
Less:
Selling Expenses	220
General & administrative expenses	780	1000
Income before taxes		$5,500
Less: income tax expense		500
Net Income		$5,000

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