Prepare an Income Statement from the partial worksheet CHAPTER 12 Completion of
ID: 2586061 • Letter: P
Question
Prepare an Income Statement from the partial worksheet
CHAPTER 12 Completion of the Accounting Cycle for a PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Dr Account Tales 360 00 27000 90000 Sales Sales Returns and Allowances Sales Discount 13500 16 5 00 Purchases Returns and Alow. 108 00 3 5 000 1s000 1 4 5 00 salaries Expense insurance Expense Expense 2 4000 Rental Income Rent Expense 225 00 2 000 Salaries Payable 2663 00 369 8 00 103 5 00 369 800 369 8 00 Totals Net Income Totals -2. Prepare a statement of owner's equity and a classified balance sheet fro the worksheet for James Company in Figure 12.14. (Note: Of the Mor Payable, $240 is due within 1 year.) JAMES COMPANY PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 201x Balance Sheet Account Titles Dr Ct Cash 2400000Explanation / Answer
Income statement
Revenue and Gains
Details
(In $)
Gross Sales
290,000
Less:
Sales Return and allowances
(11,500)
Sales Discount
(7,000)
271,500
Total Income
271,500
Less:
Cost of Sales
Purchases
89,000
Less:
Purchase Return
(16,500)
Purchases Discount
(12,300)
(60,200)
Freight in
(10,800)
Gross Profit
200,500
Less: Selling and Distribution cost
Advertisement expense
(14,500)
Less: general and Adm. cost
Salary Expense
(35,000)
Insurance expense
(18,000)
Rent Expense
(22,500)
Depreciation
(22,000)
Add: Other Operating Income and gains
Rental Income
24,000
Net Income
112,500
Revenue and Gains
Details
(In $)
Gross Sales
290,000
Less:
Sales Return and allowances
(11,500)
Sales Discount
(7,000)
271,500
Total Income
271,500
Less:
Cost of Sales
Purchases
89,000
Less:
Purchase Return
(16,500)
Purchases Discount
(12,300)
(60,200)
Freight in
(10,800)
Gross Profit
200,500
Less: Selling and Distribution cost
Advertisement expense
(14,500)
Less: general and Adm. cost
Salary Expense
(35,000)
Insurance expense
(18,000)
Rent Expense
(22,500)
Depreciation
(22,000)
Add: Other Operating Income and gains
Rental Income
24,000
Net Income
112,500
Last Year Loss (36,000 - 27,000) 9,000 Net Income 103,500