Question

USING THE FOLLOWING ACCOUNTS Software Configuration- REVENUE 114,157.97 Software License- REVENUE 1,205,524.53 Training- REVENUE 322,676.00 Computer...

USING THE FOLLOWING ACCOUNTS

Software Configuration- REVENUE 114,157.97
Software License- REVENUE 1,205,524.53
Training- REVENUE 322,676.00
Computer services/Supplies - Production costs 41,175.19
Health Benefits - Production costs 5,021.83
Meals and Entertainment - Production costs 59.95
Payroll Taxes - Production costs 12,640.18
Payroll Wages - Production costs 135,530.70
Production Costs 26,612.59
Stock Based Compensation 2.92
Travel - Production costs 183.36
Interest Earned 67.15
Other Income 2,951.20
Deferred Financing Costs 9,223.67
Depreciation 23,622.18
Interest Expense 63,428.20
Non-cash interest 8,533.00

CREATE AN INCOME STATEMENT. MAKE SURE TO EXPLAIN WHAT ACCOUNTS GO INTO THE OTHER (INCOME) EXPENSE LINE.

Business   Accounting   
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Homework Answers

Answer #1

Income statement for the year ending ..............

Particulars Amount ($) Amount ($)
Revenues
Software configuration xx
Software licence xx
Training xx
Interest earned xx
Other income xx
Total revenues (A) xxxx xxxx
Costs
Computer services/supplies xx
Health benefits xx
Meals and entertainment xx
Payroll taxes xx
Payroll wages xx
Stock-based compensation xx
Travel xx
Deferred financial cost xx
Interest expense xx
Total cost/expenses (B) xxx (xxx)
Net income (A-B) xx

this is the required format of the income statement for the above given information.

These are all the information required to solve the above given question.

If there is any clarification required regarding the above provided answer, please mention them in comment box.

I hope, all the above mentioned tabular information is useful and helpful to you.

Thank you.

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