The following selected account data is taken from the records of Reese Industries for 2019. Assume theperpetual inventory system is used. Sales $644,363 Merchandise Inventory 578,620 Sales Discounts 58,000 Interest Expense 3,677 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 228,598 Rent Expense 15,060 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 100,440 Office Supplies Expense 1,600 Rent Revenue 23,670 Sales Salaries Expense 30,410 Accounts Payable 135,404 Common Stock 59,419 Marketing Expense 31,000 a. Prepare a multi-step income statement for the year ended December 31, 2019

The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 578,620 Sales Discounts...

The following selected account data is taken from the records of Reese Industries for 2019. Assume theperpetual inventory system is used.

Sales	$644,363
Merchandise Inventory	578,620
Sales Discounts	58,000
Interest Expense	3,677
Sales Returns and Allowances	90,232
Interest Revenue	10,268
Cost of Goods Sold	228,598
Rent Expense	15,060
Depreciation Expense-Office Equipment	3,600
Insurance Expense	2,450
Advertising Expense	12,870
Accounts Receivable	100,440
Office Supplies Expense	1,600
Rent Revenue	23,670
Sales Salaries Expense	30,410
Accounts Payable	135,404
Common Stock	59,419
Marketing Expense	31,000

a. Prepare a multi-step income statement for the year ended December 31, 2019

Jun 02, 2022