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

Explain the types of financial statements, Explain the types of Financial S...

Explain the types of Financial Statements Income Statement . This is a summary of a business's expenses and revenue for a specific period of time. It ONLY shows expenses and r

I, what are the internal sources of accounting?

what are the internal sources of accounting?

Requirements for accounting standards, The information contained in publish...

The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca

Final accounts, with help of illustrations,comment on final accounts

with help of illustrations,comment on final accounts

What is timeliness, Q. What is Timeliness? The Timeliness requires acco...

Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat

Final accounts, stpes to be taken prepaing for final accounts

stpes to be taken prepaing for final accounts

Difference between debit and credit, Difference between Debit and  Credit ...

Difference between Debit and  Credit Debit- used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period

Montana company produces basketballs., Montana Company produces basketballs...

Montana Company produces basketballs. It incurred the following costs during the year. Direct materials: $14,032 Direct Labor: $25,706 Fixed manufacturing overhead: $9,698

Objectives of financial statements, O B JECTIVES OF FINANCIAL STATEMENTS ...

O B JECTIVES OF FINANCIAL STATEMENTS The fundamental purpose of financial statements according to AICPA is 'to offer qualitative financial information concerning to the busi

Statement of cash flow, in cash flow statement, deductions from cash expenc...

in cash flow statement, deductions from cash expences and payments to creditor. how do you get this answer

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