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Business
Accounting
Income Statement

Income Statement

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended December 31, 2019 given the following information. Write your answers for the following questions. - How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)? - How much is the Earnings Before Taxes (EBT)? - How much is the Net Income/Earnings After Tax? Sales 1,500,000.00 7,000.00 450,000.00 Depreciation Expense Store Equipment Salesmen Salaries and Commission SSS Premium Expense Salesmen Philhealth Premium Expense Salesmen HDMF Premium Expense Salesmen SSS Premium Expense Admin Office Philhealth Premium Expense Admin Office HDMF Premium Expense Admin Office Finished Goods Inventory Beginning Interest Expense Bad Debts Expense Depreciation Office Equipment Rent Expense Store Light, power, utilities expense Store Office and Officers Salary Cost of Goods Manufactured Finished Goods Inventory End Rent Administrative Office Office Supplies Used Light, power, utilities expense Admin Office Advertising Freight Out 1,350.00 900.00 450.00 1,200.00 800.00 400.00 19,250.00 200,000.00 12,200.00 12,000.00 7,500.00 1,875.00 400,000.00 276,118.00 14,250.00 7,500.00 3,000.00 1,875.00 15,000.00 12,000.00
Transcribed Image Text:1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended December 31, 2019 given the following information. Write your answers for the following questions. - How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)? - How much is the Earnings Before Taxes (EBT)? - How much is the Net Income/Earnings After Tax? Sales 1,500,000.00 7,000.00 450,000.00 Depreciation Expense Store Equipment Salesmen Salaries and Commission SSS Premium Expense Salesmen Philhealth Premium Expense Salesmen HDMF Premium Expense Salesmen SSS Premium Expense Admin Office Philhealth Premium Expense Admin Office HDMF Premium Expense Admin Office Finished Goods Inventory Beginning Interest Expense Bad Debts Expense Depreciation Office Equipment Rent Expense Store Light, power, utilities expense Store Office and Officers Salary Cost of Goods Manufactured Finished Goods Inventory End Rent Administrative Office Office Supplies Used Light, power, utilities expense Admin Office Advertising Freight Out 1,350.00 900.00 450.00 1,200.00 800.00 400.00 19,250.00 200,000.00 12,200.00 12,000.00 7,500.00 1,875.00 400,000.00 276,118.00 14,250.00 7,500.00 3,000.00 1,875.00 15,000.00 12,000.00
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