Income statement single step, Accounting Basics

Solve accounting income statement question in single step with given details..

The following are information for the Lotu Wo Company:

                Net Sales             560,000                

                Interest Revenue            600                        

                Cost of Goods Sold          366,000                

                Administrative Expenses              12,000                  

                Selling Expenses               18,000                  

                Interest Expense             2,000                    

                Income Tax Expense      50,000  

Based on the above, prepare a Single-Step Income Statement for the Lotu Wo Company.           

Answer :                                                             

                Lotu Wo Company                                          

                Single-Step Income Statement                 

                Particulars           Amount in mce_markernbsp;                     

                Revenue:                                           

                Net Sales             560,000                

                Interest Revenue            600                        

                Total revenue    560,600

                Expenses:                                          

                Cost of Goods Sold          366,000                

                Administrative Expenses              12,000                  

                Selling Expenses               18,000                  

                Interest Expense             2,000                    

                                398,000                

                Income before taxes      162,600                

                Income Tax Expense      50,000                  

                Net income        112,600                

 

Posted Date: 7/12/2012 3:14:49 AM | Location : United States







Related Discussions:- Income statement single step, Assignment Help, Ask Question on Income statement single step, Get Answer, Expert's Help, Income statement single step Discussions

Write discussion on Income statement single step
Your posts are moderated
Related Questions
The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding  is  Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh

Q. Show Sales returns and allowances? Sales returns and allowances Merchandising companies typically permit customers to return goods that are defective or unsatisfactory for a

office supplies on hand at year-end amounted to 3000.

Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory

At the end of 2011 Samuda reported a balance in Account receivable of $620,000 and estimated that $12,400 of this account would likely be uncollectible. The allowance for doubtful

Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener

What are the golden rule of accounting how to pass journal entry when strating bussines what

What is TRIAL BALANCE This statement is a listing on a certain date which demonstrates all accounts and their balances. This generally happen at the end of the month however it

What is Time orientation Financial accounting reports reflect position and performance of business for the past period. Essentially, they are backward looking. Management accou

Using the data from the Dell Computer annual report  determine  how  Dell  calculated  the  four  days'  supply  of  raw  materials.  Do   you think four days'supply is a valid