Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended Dece

Question

Income Statement For the Years Ended December 31, 2016 and 2015 Years Ended December 31, 2016 2015 Revenue: 607,480 1,480 620 605,380 461,200 144,180 Sales Less: Sales discounts $734,300 1,975 780 731,545 538,700 192,845 Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses: Depreciation expense--Office equipment Depreciation expense--Warehouse equipment Bad debt expense Salaries expense Insurance expense Rent expense Advertising expense Utilities expense 3,500 10,696 2,536 68,200 19,000 28,600 22,700 19,650 174,882 1,200 2,500 640 48,000 18,060 24,000 15,900 13,000 123,300 Total operating expense Income from operations Other expense--Interest 20,880 0 20,880 17,963 2,094 Net income $15,869

Explanation / Answer

3) Closing entry :

Date accounts & explanation debit credit Income summary 15869     Retained earnings 15869 (To close income summary account)

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