Question

Prepare a multiple-step income statement for Yazdy Company for 2020 DR. CR. Accounts Payable 26,000 Accounts...

Prepare a multiple-step income statement for Yazdy Company for 2020

DR.

CR.

Accounts Payable

26,000

Accounts Receivable

57,000

Accumulated Depreciation – Equipment  

40,000

Depreciation Expense

13,000

Sales Revenue

250,000

Cash

25,000

Common Stock

50,000

Equipment

150,000

Investment in Debt Securities

45,000

Freight-out

5,000

Insurance Expense

2,500

Salaries and Wages expense

30,000

Rent Expense

20,000

Sales Discount

8,000

Retained Earnings

25500

Prepaid Insurance

7,500

Sales Return and Allowance

12,000

Gain on Disposal of Plant Asset

6,000

Dividends

7,000

Interest Expense

7,500

Salaries and Wages Payable

2,500

Income tax Expense

6,500

Advertising Expense

4000

        TOTAL

  $400000

$400,000

Homework Answers

Answer #1

YAZDY COMPANY LIMITED

MULTI STEP NCOME STATEMENT FOR THE YEAR ENDED 2020

Particulars Amount
Sales Revenue $ 250000
Less: Sales return and Allowance $ 12000
Net Sales $ 238000
Less : Cost of Gods Sold $0
Gross Profit $ 238000
Less:- operating Expenses
Rent Expense $ 20000
Sales Discount $ 8000
Advertising Expense $ 4000
Freight $ 5000
$ 201000
Less :- non-Operating Expense
Depreciation - Equipment $ 40000
Depreciation - Expense $ 13000
Salary and Wages $ 30000
Insurance Expense $ 2500
Income Tax Expense $ 6500
Interest Expense $ 7500
$ 101500
Add:- Non Operating Income
Gain on disposal of plant asset $ 6000
NET PROFIT $ 107500
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