Fomat according to GAAP multi step income statement: Check Figures §NET REVENUES
ID: 2488718 • Letter: F
Question
Fomat according to GAAP multi step income statement: Check Figures
§NET REVENUES: 37,016.97
§COST OF SALES = $18,304.81
§GROSS PROFIT = 18,712.16
§OPERATING EXPENSES = 33,132.45
§NET LOSS: -14,736.92
Ordinary Income/Expense Income Snow Plowing Income 3,600.00 4000 · Fertilizing Income 324.00 4100 · Landscaping Services 10,080.00 4200 · Lawn Cutting and Trimming 16,345.00 4300 · Mulch Sales 4,370.00 4400 · Nursery Stock Income 816.75 4500 · Seeding Income 630.00 4600 · Topsoil Sales 1,344.00 Total Income 37,509.75 Cost of Goods Sold Salt Costs 0.00 4410 · Sales Discount 492.78 5000 · Fertilizing Costs 282.73 5100 · Mulch Costs 3,657.50 5200 · Nursery Stock Costs 449.60 5300 · Purchase Discounts -135.57 5400 · Seeding Costs 541.30 5500 · Topsoil Costs 1,120.00 Total COGS 6,408.34 Gross Profit 31,101.41 Expense Miscellaneous Expense 163.17 6000 · 401K Employer Contribution 229.68 60000 · Advertising and Promotion 27.00 6100 · Auto and Truck Expenses 1,724.00 6200 · Bank Service Charges 195.00 62400 · Depreciation Expense 4,249.00 6300 · FICA Tax Expense 1,508.20 63400 · Interest Expense 359.58 6400 · Field Labor 12,389.25 64300 · Meals and Entertainment 67.50 6500 · FUTA TAX EXPENSE 92.71 6600 · Health Insurance - Employer 1,740.00 66000 · Payroll Expenses 0.00 6650 · Holiday Gift Expense 35.32 6700 · Insurance Expense 2,115.00 6800 · Office Supplies Expense 792.20 68400 · Travel Expense 900.00 6900 · Office Wages 7,504.00 7000 · Rent Expense 7,500.00 7100 · Repairs and Maintenance 390.35 7200 · Small Tools and Equipment 960.98 7300 · SUTA TAX EXPENSE 808.34 7400 · Telephone Expense 380.00 7500 · Utilities 1,500.00 Total Expense 45,631.28 Net Ordinary Income -14,529.87 Other Income/Expense Other Income 8000 · Miscellaneous Income 40.00 Total Other Income 40.00 Other Expense 6210 · Bad Debt 265.00 Total Other Expense 265.00 Net Other Income -225.00 Net Income -14,754.87Explanation / Answer
Multi step Income Statement Ordinary Income/Expense Income Snow Plowing Income 3,600.00 4000 · Fertilizing Income 324 4100 · Landscaping Services 10,080.00 4200 · Lawn Cutting and Trimming 16,345.00 4300 · Mulch Sales 4,370.00 4400 · Nursery Stock Income 816.75 4500 · Seeding Income 630 4600 · Topsoil Sales 1,344.00 4410 · Sales Discount -492.78 Total Income 37,016.97 Cost of Goods Sold Salt Costs 0 6400 · Field Labor 12,389.25 5000 · Fertilizing Costs 282.73 5100 · Mulch Costs 3,657.50 5200 · Nursery Stock Costs 449.6 5300 · Purchase Discounts -135.57 5400 · Seeding Costs 541.3 5500 · Topsoil Costs 1,120.00 Total COGS 18,304.81 Gross Profit 18,712.16 Operating Expense Miscellaneous Expense 163.17 6000 · 401K Employer Contribution 229.68 60000 · Advertising and Promotion 27 6100 · Auto and Truck Expenses 1,724.00 6200 · Bank Service Charges 195 62400 · Depreciation Expense 4,249.00 6300 · FICA Tax Expense 1,508.20 6210 · Bad Debt 265 64300 · Meals and Entertainment 67.5 6500 · FUTA TAX EXPENSE 92.71 6600 · Health Insurance - Employer 1,740.00 66000 · Payroll Expenses 0 6650 · Holiday Gift Expense 35.32 6700 · Insurance Expense 2,115.00 6800 · Office Supplies Expense 792.2 68400 · Travel Expense 900 6900 · Office Wages 7,504.00 7000 · Rent Expense 7,500.00 7100 · Repairs and Maintenance 390.35 7200 · Small Tools and Equipment 960.98 7300 · SUTA TAX EXPENSE 808.34 7400 · Telephone Expense 380 7500 · Utilities 1,500.00 Total operating Expense 33,147.45 Net Ordinary Income -14,435.29 Other Income/Expense Other Income 8000 · Miscellaneous Income 40 Total Other Income 40 Other Expense Interest Expense 359.58 Total Other Expense 359.58 Net Other Income (319.58) Net Income -14,754.87