From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital Cosme, Drawing Sales 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 2,000.00 350,000.00 1,000.00 Sales Discount Sales Returns and Allowances 2,000.00 250,000.00 2,000.00 2,500.00 1,500.00 Purchases Purchase Discount Purchase Returns and Allowances Freight-in 1,500.00 36,000.00 Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 2,000.00 3,000.00 3,000,00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00
From the following da ta, prepare a multi-step Income Statement for ABC Company for the year ended December 31, 2007 Cash on hand 92,000.00 Account Receivable 58,000.00 Mechandise Inventory, Jan. 1 Office Equipment Accounts Payable Notes Payable Cosme, Capital Cosme, Drawing Sales 10,000.00 9,000.00 12,000.00 5,000.00 100,500.00 2,000.00 350,000.00 1,000.00 Sales Discount Sales Returns and Allowances 2,000.00 250,000.00 2,000.00 2,500.00 1,500.00 Purchases Purchase Discount Purchase Returns and Allowances Freight-in 1,500.00 36,000.00 Taxes and Licenses Salaries Expense Supplies Expenses Freigh- Out Advertising Expenses 2,000.00 3,000.00 3,000,00 Interest Income 1,000.00 Interest Expense Note: The merchandise inventory on December 31, 2007 was P20,000.00 2,000.00
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...
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