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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

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  • 8 years ago
    Favorite Answer

    Sales Revenue xxx

    - Sales Discount xxx

    - Sales Returns & Allowances xxx

    Net sales $127,700

    - Cost of Goods Sold xxx

    Gross Profit $51,700

    -All expenses xxx

    +Interest Revenue xxx

    Income before Income tax $4,580

    (just put the amount of money into xxx yourself)

    Source(s): Accounting Major
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