Prepare an income statement for Vaughn Manufavturing for the year ended April 30
ID: 2406742 • Letter: P
Question
Prepare an income statement for Vaughn Manufavturing for the year ended April 30th 2017 Ch 2 Hwk due June 7th due June 7th Kimmel, Accounting, 6 Help l Gras SOURCES une 7th Problem 2-3A (Part Level Submission) You are provided with the following Information for Vaughn Manufacturing, effective as of its April 30, 2017, year-end Accounts payable Accounts receivable 909 975 670 1,435 1,395 1,135 260 ts by Study Common stock Cost of goods sold Depreciation expense Equipment Income tax expense Income taxes payable Insurance expense Interest expense 2,585 210 1,132 3,265 Mortgage payable Notes payable Prepaid insurance Rerained earnings (beginning) Salaries and wages expense Saanes and wages payable 5,265 .(FS F10 F12 5 6 8Explanation / Answer
Solution :
Vaughn Manufacturing Income Statement For the year ended April 30, 2017 Particulars Amount Sales $5,265.00 Cost of goods sold $1,135.00 Gross Profit $4,130.00 Operating Expenses: Depreciation Expense $260.00 Insurance expense $285.00 Salaries and Wage expense $625.00 Total Operating Expenses $1,170.00 Earning before interest and taxes $2,960.00 Interest Expense $475.00 Earning before taxes $2,485.00 Income tax expense $240.00 Net Income $2,245.00