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20171206205927acc290wk3simon

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ACC 290 WEEK 3 ASSIGNMENT SIMON COMPANY STUDENT NAME: SIMON COMPANY Income Statement For the Year Ended December 31, 2017 NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . Sales Sales revenue Less: Sales returns and allowances Sales discounts Net sales Cost of goods sold Gross profit Operating expenses Salaries and wages expense Freight-out Rent Expense Advertising expense Utilities expense Depreciation expense Total operating expenses Income from operations Other revenues and gains Rent revenue Other expenses and losses Interest expense Income before income taxes Income tax expense Net Income $911,000 $28,000 $ 18,000 46,000 865,000 $ 555,000 $310,000 $ 136,000 $ 33,000 $ 18,000 $ 13,000 $ 12,000 $ 10,000 222,000 88,000 $ $ 4,000 2,000 90,000 $ 22,500 $67,500 Hint: net income is $67,500 Give a brief explanation of the inconsistencies found in the inexperienced accountant's income statement as compa WRITE YOUR RESPONSE HERE: Inconsistencies found in the inexperienced accountant's condensed single-step income statement as compared to my multi-step income statement are:(1) Freight-out $33,000 should not be deducted fr ...
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