Exercise 5-8Preparation of the Income Statement: Perpetual Inventory SystemSelected account balances at December 31, 2014, for Infosys Company follow.Account NameDebitCreditSales$ 475,000Sales Returns and Allowances$ 23,500Cost of Goods Sold280,000Freight-In13,500Selling Expenses43,000General and Administrative Expenses87,000Income Tax Expense7,900HidePrepare a multistep income statement for the year ended December 31, 2014. Show detail of net sales. The company uses the perpetual inventory system, andFreight-In has not been included in Cost of Goods Sold. Infosys Company Income Statement For the Year Ended December 31, 2014 Net sales$ $ Gross margin$ Operating expenses$ Total operating expenses $ $
The reference papers provided by Writerbay.net serve as model papers for students and are not to be submitted as it is. These papers are intended to be used for research and reference purposes only.
Phone: +1 (940) 905 5542