Question

Using the below adjusted trial balance Dec 31st for the year end prepare an income statement...

  1. Using the below adjusted trial balance Dec 31st for the year end prepare an income statement that begins with gross sales and includes separate categories to calculate net sales, cost of goods sold, and combines selling and general administrative expenses.
DEBIT CREDIT
Inventory $              800
Other Assets $          2,600
Total Liabilities $              500
Common Stock $              400
Retained Earnings $          1,700
Dividends $              300
Sales $          9,500
Sales Discounts $              260
Sales returns and allowance $              240
Cost of goods sold $          6,500
Sales salaries expense $              450
Rent expense selling space $              400
Supplies expense $                30
Advertising expense $                20
Office Salaries expense $              420
Interest expense $                  8
Income taxes $                72
TOTAL    $        12,100 $        12,100

Homework Answers

Answer #1
Income Statement (Multi Step)
Sales Revenue $              9,500
Less Sales Returns and Allowances $                  240
Less Sales Discounts $                  260
Net Sales Revenue $              9,000
Cost of Goods Sold $              6,500
Gross Profit $              2,500
Operating Expenses
Sales Salaries Expense $                  450
Rent Expense $                  400
Supplies Expense $                    30
Advertising Expense $                    20
Office Salaries Expense $                  420
Total Operating Expenses $              1,320
Net Operating Income $              1,180
Other Income (Expenses)
Interest Expense $                     (8)
Income before income tax $              1,172
Income Tax expense $                    72
Net Income $              1,100
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 37,500 Other (noninventory) assets 150,000 Total liabilities $ 43,313 Common stock 10,000 Retained earnings 114,091 Dividends 8,000 Sales 256,500 Sales discounts 3,924 Sales returns and allowances 16,929 Cost of goods sold 99,306 Sales salaries expense 35,141 Rent expense—Selling space 12,056 Store supplies expense 3,078 Advertising expense 21,803 Office salaries expense 32,063 Rent expense—Office space 3,078 Office supplies expense 1,026 Totals $ 423,904...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following...
Valley Company’s adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 41000 Other (noninventory) assets 130400 Total liabilities $ 25,000 Common stock 10,000 Retained earnings 94550 Dividends 8,000 Sales 225600 Sales discounts 2250 Sales returns and allowances 12,000 Cost of goods sold 74500 Sales...
Q1. Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current year...
Q1. Following is the year-end adjusted trial balance for Yakima's Sporting Goods for the current year (Amounts in Saudi riyal) 4 marks Yakima’s Sporting Goods Adjusted Trial Balance December 31 Dr Cr Cash 67,400 Accounts receivable 46,000 Merchandise inventory 50,000 Office supplies 800 Accounts payable 16,000 Salaries payable 850 Common stock 50,000 Retained earnings 75,530 Dividends 5,000 Sales 500,000 Sales returns & allowances 4,500 Sales discounts 4,250 Cost of goods sold 382,450 Sales salaries expense 44,000 Advertising expense 8,150 Office...
Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company’s adjusted trial...
Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 31,000 Other (noninventory) assets 124,000 Total liabilities $ 35,805 K. Valley, Capital 104,641 K. Valley, Withdrawals 8,000 Sales 212,040 Sales discounts 3,244 Sales returns and allowances 13,995 Cost of goods sold 82,768 Sales salaries expense 29,049 Rent expense—Selling space 9,966 Store supplies expense 2,544 Advertising expense 18,023 Office salaries expense...
Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year...
Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year end, June 30, 2017. All accounts are their normal balance (debit or credit). Katie’s uses the perpetual inventory system. Accounts payable........................... $ 34,850 K. Milani, Capital..................... $ 50,770 Accounts receivable.......................... 27,300 K. Milani, Drawings.................. 24,000 Accum. depreciation, computers......... 1,500 Long-term note receivable...... 14,000 Accum. depreciation, equipment....... 32,000 Merchandise inventory............ 55,000 Advertising expense............................ 3,200 Note payable, due 2018.......... 47,000 Cash.................................................... 9,500 Prepaid rent............................. 1,500 Computers..............................................
Prepare the​ multi-step income statement for the year ended. Selling Expenses $11,500 Interest Revenue 500 Net...
Prepare the​ multi-step income statement for the year ended. Selling Expenses $11,500 Interest Revenue 500 Net Sales Revenue 126,000 Cost of Goods Sold 75,000 Administrative Expenses 9,500 Sales Discounts Forfeited 1,000
The adjusted trial balance of McCoy Company included the following selected accounts:                             
The adjusted trial balance of McCoy Company included the following selected accounts:                                                                                              Sales Discounts……………...………...$ 9,500 Cost of Goods Sold………………….396,000 Freight-Out………………………………...2,000 Advertising Expense…………………15,000 Interest Expense………………………19,000 Common Stock………………………....75,000 Loss on disposal of land……………….2,000 Sales Revenue………………………...645,000 Retained Earnings………………...…..65,000 Gain on disposal of equipment…….1,000 Sales Returns and Allowances…..50,000 Salaries and Wages Expense……..84,000 Utilities Expense……………………….23,000 Short-term Investments……………34,000 Unearned revenue…………………….20,000 Depreciation Expense…………………3,500 Interest Revenue…………………….$25,000 1. McCoy Company’s Income from operations is: A. $68,000 B. $60,000 C. $62,000 D. $43,000 McCoy Company net income is: A....
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,250 Depreciation expense—Office copier $ 420 Office supplies expense 790 Sales discounts 15,200 Insurance expense 1,240 Sales returns and allowances 3,900 Sales 225,000 TV advertising expense 3,000 Office salaries expense 32,100 Interest revenue 660 Rent expense—Selling space 10,500 Cost of goods sold 88,800 Sales staff wages 22,400 Sales commission expense 13,600    Prepare a multiple-step income statement.
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 42,000 Other (noninventory) assets 61,920 Total liabilities $ 25,600 Common stock 15,920 Retained earnings 19,900 Dividends 8,300 Sales 225,200 Sales discounts 2,250 Sales returns and allowances 13,500 Cost of goods sold 72,200 Sales salaries expense 31,300 Rent expense—Selling space 8,700 Store supplies expense 1,500 Advertising expense 12,000 Office salaries expense 29,200 Rent expense—Office space 3,400 Office supplies expense 350 Totals $ 286,620...
Requirement #6: Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial...
Requirement #6: Prepare an adjusted trial balance in the space below. Quick Tax Corporation Adjusted Trial Balance July 31 0 0 During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $2,500 July 5 Paid the premium on...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT