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Need help preparing income statement!?
Please help me prepare the income statement. This is for the end of January
Sales Revenue 130500
Sales Discount 800
Sales Return and Allowances 2000
Cost of Goods sold 76000
Depreciation Expense store equipment 1500
Depreciation Expense Building 1250
Depreciation Expense Office Equipment 5000
Supplies Expense 1000
Sales Salary Expense 8000
Office Salary Expense 12000
Payroll Tax Expense Sales 720
Payroll Tax Expense Office1080
Utilities Expense Store 1100
Utilities Expense Office 1500
Repairs Expense Store 800
Repairs Expense Office 2500
Amortization Expense Patent 1400
Insurance Expense 400
Delivery Expense 1000
Interest Expense 8050
Interest Revenue 180
Any help would be much appreciated.
1 Answer
- ?Lv 78 years agoFavorite Answer
You have all the amounts. You can find different examples of multi-step income statements here.
http://images.search.yahoo.com/search/images?_adv_...
Sales Revenue . . . . . . . . . . . . . . . . . . . . . $130,500
Sales Discount . . . . . . . . . . . . . .$ . 800
Sales Return and Allowances . . . . 2,000 .. . . . 2,800
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$127,700
Cost of Goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76,000
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,700
Operating expenses
Just place the rest of the expenses here and subtract from gross profit to get net income.
Source(s): Accounting Fan