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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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
Multiple Income statemrnt
Sales 10100
Less: cost of good sold $3,600
Gross Profit $6,500
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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