AC102 PPT2 - Income Statement (PPT from Sir Leandro Fua)

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AC102 PPT2 - Income Statement (PPT from Sir Leandro Fua)

  1. 1. Merchandise Company Comprehensive Income Statement For the Year ended December 31, 20XXRevenue from Sales Gross Sales P XXX Less : Sales Discount P XXX Sales Return and Allowances XXX XXX Net Sales P XXXCost of Goods sold Merchandise Inventory, Jan 1, 20XX P XXX Purchases P XXX Add transportation In XXX Delivered Cost of Merchandise Purchased P XXX Less : Purchase Discount P XXX Purchase Return and Allowances XXX XXX XXX Goods Available for Sale P XXX Less : Merchandise Inventory, Dec 31, 20XX XXX Cost of goods sold XXXGross Profit P XXXOther Income Interest Income XXX P XXXOperating expenses Selling Expenses Sales Salaries P XXX Rent - Selling XXX Store Supplies XXX Advertising XXX P XXX Administrative Expenses Office Salaries P XXX Depreciation - Office Equipment XXX Utilities Expenses XXX Rent - Admin XXX XXX Other Expense Interest Expense XXX XXXNet income P XXX
  2. 2. Trial Balance Adjustment Income statement Balance sheet Dr Cr Dr Cr Dr Cr Dr CrCash 53,070.00 53,070.00Accounts Receivable 6,900.00 6,900.00Merchandise Inventory 47,100.00 b 39,600.00 a 47,100.00 39,600.00Office Supplies 6,300.00 c 2,700.00 3,600.00Prepaid Insurance 1,080.00 d 360.00 720.00Equipment 18,000.00 18,000.00Accumulated Depreciation 6,750.00 e 2,250.00 9,000.00Accounts Payable 12,000.00 12,000.00Capital - VLC 33,000.00 33,000.00Drawings - VLC 30,000.00 30,000.00Sales 450,000.00 450,000.00Sales Return and allowance 1,500.00 1,500.00Purchases 291,000.00 291,000.00Purchase Discount 1,200.00 1,200.00Purchase return and allowances 900.00 900.00Transportation - In 7,800.00 7,800.00Salaries and Wages - Sales 20,880.00 20,880.00Rent Expense - Selling 2,160.00 2,160.00Store Supplies Expense c 1,620.00 1,620.00Advertising Expense 1,500.00 1,500.00Salaries and Wages - Office 13,920.00 13,920.00DepreciationExpense e 2,250.00 2,250.00Utilities Expense 2,100.00 2,100.00Rent Expense - General 1,440.00 1,440.00Office Supplies Expense c 1,080.00 1,080.00Insurance Expense d 360.00 360.00Interest Income 1,080.00 1,080.00Interest Expense 180.00 180.00 504,930.00 504,930.00Income Summary a 47,100.00 b 39,600.00 47,100.00 39,600.00 92,010.00 92,010.00 394,890.00 492,780.00 151,890.00 54,000.00Net Income 97,890.00 97,890.00 492,780.00 492,780.00 151,890.00 151,890.00

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