Income Statement For the Month Ended March 31, 2018 Sales Sales Revenue Net sale
ID: 2547902 • Letter: I
Question
Income Statement For the Month Ended March 31, 2018 Sales Sales Revenue Net sales $25,000.00 $12,000.00 13,000.00 Cost of goods sold Gross profit Operating expenses Salaries and wages expense Utilities expense Food expense Rent expense Advertising expense Depreciation expense Transportation expense Insurance expense $5,000.00 $1,000.00 $1,000.00 750.00 $500.00 $485.33 $200.00 $100.00 Total operating expense Income from operations $9,035.33 $3,964.67 Other expenses and losses Interest expense $1,000.00 $2,964.67 $889.20 Income before income taxes Income tax expense Net income $2,075.47Explanation / Answer
Answer
As your answer has no information about Balance Sheet figures, so I am making up the figures and all the figures u will see in balance sheet is fictional i.e. Made up by me.
Balance Sheet
Assets
Cash
17,850.00
Acc. Rec.
11,310.00
Supplies
22,170.00
PPE
8,440.00
Equipment
34,488.00
Less: Acc. Dep.
(5,047.53)
29,440.47
Total
89,210.47
Current Liabilities
Acc. Payable
15,240.00
Unearned Service Revenue
7,540.00
Salaries Payable
2,000.00
Total Liabilities
24,780.00
Stockholder's Equity
Common Stock
50,000.00
Retained Earnings
14,430.47
Total Stockholder's Equity
64,430.47
Total Liabilities and Stockholder's Equity
89,210.47
Balance Sheet
Assets
Cash
17,850.00
Acc. Rec.
11,310.00
Supplies
22,170.00
PPE
8,440.00
Equipment
34,488.00
Less: Acc. Dep.
(5,047.53)
29,440.47
Total
89,210.47
Current Liabilities
Acc. Payable
15,240.00
Unearned Service Revenue
7,540.00
Salaries Payable
2,000.00
Total Liabilities
24,780.00
Stockholder's Equity
Common Stock
50,000.00
Retained Earnings
14,430.47
Total Stockholder's Equity
64,430.47
Total Liabilities and Stockholder's Equity
89,210.47