Income statement single step, Accounting Basics

Assignment Help:

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                

 


Related Discussions:- Income statement single step

Define operating expenses, Q. Define Operating expenses? Operating expe...

Q. Define Operating expenses? Operating expenses for a merchandising company are those expenses other than cost of goods sold incurred in the usual business functions of a comp

Accounting concepts, In earlier section, we had illustrated accounting as t...

In earlier section, we had illustrated accounting as the language of business. Along with language, accounting has several dialects. There are dissimilarities in terminology. In de

One of the companies for which you provide accounting, One of the companies...

One of the companies for which you provide accounting services offers office cleaning services and has 8 customers. Cleaning services are provided in the evenings, Sunday throu

Inventory, most consrvatism way of lower cost method

most consrvatism way of lower cost method

What do you mean by management consulting, Q. What do you mean by Managemen...

Q. What do you mean by Management consulting ? Management consulting or advisory services before Sarbanes-Oxley management advisory services were the fastest growing service ar

John Doe, How do I complete this chart

How do I complete this chart

Prepare a multiple-step income statement, Prepare a Multiple-Step Income St...

Prepare a Multiple-Step Income Statement based on the information presented in problem 4 above.                    Answer :

Ratios and Analysis, Your report must include at a minimum the following it...

Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset

Learning objectives of trial balance, Q. Learning objectives of trial balan...

Q. Learning objectives of trial balance? - The cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid out. - The accrual basi

Summary of significant accounting policies, Q. Summary of significant accou...

Q. Summary of significant accounting policies? As part of their annual reports companies comprise summaries of significant accounting policies. These policies help users in int

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd