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

Balance sheet, what accounts go into a balance sheet

what accounts go into a balance sheet

Completing the accounting cycle, Q. Completing the accounting cycle? Su...

Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo

Cost accounting, DEFINITION OF COST ACCOUNTING DEFINITION:  as said by ...

DEFINITION OF COST ACCOUNTING DEFINITION:  as said by the Institute of Cost and Works Accountants (ICWA), London, Cost accounting is " the method of accounting for costs from t

Assets, is money deposited to the municipality for electricity current asse...

is money deposited to the municipality for electricity current assets

Example of accumulated depreciation account, Q. Example of accumulated depr...

Q. Example of accumulated depreciation account? The accumulated depreciation account doesn't represent cash that is being set aside to change the worn out asset. The un-depreci

Reconsolidation, In the process of giving information from a business to a ...

In the process of giving information from a business to a prospective buyer, an accountant is requesting a Reconsolidation for last December. What is that?

Accounting theory, explain the proceedure followed in government system of ...

explain the proceedure followed in government system of accounting in india

Explain the term - federal income tax, Federal income tax Except specif...

Federal income tax Except specifically exempted, all income (illegal and legal) is subject to personal income tax. Withholding depends on 1) employee's gross earnings, 2) emplo

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