Required: Prepare a multi-step income statement, from the following data for Kooper Co., taken from the ledger after adjustment on December 31, 2017 the end of the fiscal year.
Accounts Payable $ 97,200
Accounts Receivable 64,300
Accumulated Depreciation - Office Equipment 72,750
Accumulated Depreciation - Store Equipment 162,100
Administrative Expenses 56,500
Capital Stock 70,000
Retained Earnings 1/1/17 11,750
Cash 53,000
Cost of Merchandise Sold 121,700
Dividends 52,000
Interest Expense 12,000
Merchandise Inventory 93,250
Note Payable, Due 2010 154,000
Office Equipment 149,750
Prepaid Insurance 6,500
Rent Revenue 17,500
Salaries Payable 28,700
Sales (net) 365,500
Selling Expenses 41,500
Store Equipment 325,000
Supplies 4,000
Answer :
Kooper Co | ||
Income Statement | ||
For the year ended december 31, 2017 | ||
Net Sales | $ 365500 | |
Cost of Merchandise sold | $ 121700 | |
Gross profit | $ 243800 | |
Operating Expenses : | ||
Selling Expenses | $ 41500 | |
Adminstrative expenses | $ 56500 | |
Total Operating Expenses | $ 98000 | |
Operating Income | $ 145800 | |
Non Operating Income and Expenses : | ||
Rent revenue | $ 17500 | |
Interest expenses | $ (12000) | |
Total Non operating | $ 5500 | |
Net income | $ 151300 |
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