Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a)

Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 3RE: Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry...

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Presented below is information for Oakley Company for the month of March 2020.
Cost of goods sold
$254,000
Rent expense
$36,000
Freight-out
7,500
Sales discounts
Insurance expense
5,000
Sales returns and allowances
11.000
Salaries and wages expense
75,000
Sales revenue
425,000
(a)
Prepare a multiple -step income statement.
OAKLEY COMPANY
Income Statement
For the Month Ended March 31, 2020
24
DELL

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