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

Cash Book: It is one of the Subsidiary Book which is usually used by any business organisation to record all the cash transactions which helps to know the cash position as and when

what are the internal sources of accounting?

State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one

Q. Explain about income statement? The income statement, sometimes called as an earnings statement that reports the profitability of a business organization for a stated period

Recording and reporting stock transactions and cash dividends across two accounting cycles Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 5

accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables

Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership

Complete a descriptive analysis of the following data elements in the Organizational Assessment Study dataset. Use appropriate graphical tools and descriptive statistics to charact

Compensation for the uncertainties inherent in supply and demand