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The junior accountant of the Munira Company, a major merchandiser, had documents relating to the...

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Accounting

The junior accountant of the Munira Company, a major merchandiser, had documents relating to the following financial data in June 2020: Sales of merchandise were AED 2,400,000, advertising expenses were 240,000, sales discounts were 160,000, depreciation of equipment was 20,000, sales returns were AED 40,000, administrative expenses were 400,000, cost of goods sold were 800,000, sales commissions were 100,000. (Hint: selling expenses include all expenses related to sales)

Required:

Prepare a Multiple step income statement for June 30, 2020

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