For the Year Ended December 31 ales ales Return & Allowance ales Discount let Sales 1,950,345 (16,750) (24,820) 1,908,7 ost of Goods Sold: ventory, Beginning urchases urchase Return & Allowance urchases Discount ransportation in nventory, Ending 715,250 1,390,595 (12,585) (20,350) 31,475 (785,345) 1,319,0 Fross Profit 589,7 perating Expenses: elling Expenses: ales Salaries Expense dvertising Expense ransportation Out repreciation - Store Equip. Misc. Selling Expense 115,600 18,000 12,260 12,000 6,875 164,7 dministrative Expenses: office Salaries Expense ent Expense nsurance Expense upplies Expense ax Expense 65,900 48,000 9,000 8,650 6,750
For the Year Ended December 31 ales ales Return & Allowance ales Discount let Sales 1,950,345 (16,750) (24,820) 1,908,7 ost of Goods Sold: ventory, Beginning urchases urchase Return & Allowance urchases Discount ransportation in nventory, Ending 715,250 1,390,595 (12,585) (20,350) 31,475 (785,345) 1,319,0 Fross Profit 589,7 perating Expenses: elling Expenses: ales Salaries Expense dvertising Expense ransportation Out repreciation - Store Equip. Misc. Selling Expense 115,600 18,000 12,260 12,000 6,875 164,7 dministrative Expenses: office Salaries Expense ent Expense nsurance Expense upplies Expense ax Expense 65,900 48,000 9,000 8,650 6,750
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Please help me prepare the single step income statement for this one.
Transcribed Image Text:Anya Hardware Company
Income Statement
For the Year Ended December 31
Sales
1,950,345
(16,750)
(24,820)
Sales Return & Allowance
Sales Discount
Net Sales
1,908,775
Cost of Goods Sold:
Inventory, Beginning
715,250
1,390,595
(12,585)
(20,350)
Purchases
Purchase Return & Allowance
Purchases Discount
Transportation in
Inventory, Ending
31,475
(785,345) 1,319,040
Gross Profit
589,735
Operating Expenses:
Selling Expenses:
Sales Salaries Expense
Advertising Expense
Transportation Out
Depreciation - Store Equip.
Misc. Selling Expense
115,600
18,000
12,260
12,000
6,875
164,735
Administrative Expenses:
Office Salaries Expense
Rent Expense
Insurance Expense
Supplies Expense
Tax Expense
Depreciation - Office Equip.
Bad Debts Expense
Misc. General Expense
65,900
48,000
9,000
8,650
6,750
6,000
2,515
4,975
151,790
Total Operating Expenses
316,525
Operating Profit
273,210
Other Income/ (Expenses):
Interest Income
600
Interest Expense
(6,000)
(5,400)
Net Income
267,810
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