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

The beginning capital of the business totals $4, The beginning capital of t...

The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b

Define tds and sale tax retrun?, TDS (tax deducted at sources) .The person ...

TDS (tax deducted at sources) .The person whereas making payments of income,covered by the scheme are responsible to deducted TDS and deposite the similar in goverment treasury  wi

The following unadjusted trial balance is prepared at fisca, The following ...

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $

Find out debt to equity ratio, Current Assets are $70,000, non-current asse...

Current Assets are $70,000, non-current assets are $150,000, current liabilities are $40,000 and long term liabilties are $30,000. What is the debt to equity ratio? 0.47 Stock h

Approving an invoice for payment, What steps would you take before approvin...

What steps would you take before approving an invoice for payment? Ans) Following steps should be taken.. ? Certify the invoice once it is matched for checking any holds..

Last-in first-out inventory, Q. Last-in first-out inventory? LIFO (last...

Q. Last-in first-out inventory? LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first

John Doe, How do I complete this chart

How do I complete this chart

Profit and loss account concepts, PROFIT AND LOSS ACCOUNT CONCEPTS: The...

PROFIT AND LOSS ACCOUNT CONCEPTS: The initial point in accepting the profit and loss account is to be clear about the Significance of "profit". Profit is the return for taki

A tabular analysis of the transactions, A tabular analysis of the transacti...

A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders'

Explain about pegboard system, Q. Explain about pegboard system? One mo...

Q. Explain about pegboard system? One more innovation in manual systems was the one write or pegboard system. Beside creating one document and aligning other records under it o

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