Income Statement Accounts December 31, 20X1 Dr Cr Sales P 475,000 Sales Returns and Allowances Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses P 5,000 220,000 3,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 10,000 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Selling and Administrative Expense= 6. Net Income 7. Reporting Period
Income Statement Accounts December 31, 20X1 Dr Cr Sales P 475,000 Sales Returns and Allowances Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses P 5,000 220,000 3,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 10,000 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Selling and Administrative Expense= 6. Net Income 7. Reporting Period
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. Gross Profit
5. Selling and Administrative Expenses
6. Net Income
Transcribed Image Text:Income Statement Accounts December 31, 20X1
Dr
Cr
P 475,000
Sales
Sales Returns and Allowances
Purchases
P 5,000
220,000
Purchase Returns and Allowance
3,000
Advertising
Sales Salaries
Commission Expense
Miscellaneous Selling Expense
Rent Expense
Office Supplies
Light and Water
Insurance Expense
Taxes and Licenses
10,000
30,000
15,000
3,000
15,000
20,000
2,000
1,000
5,000
4,000
20,000
57,000
10,000
Interest Expense
Bad Debts Expense
Merchandise Inventory, Jan 1, 20X1
Depreciation Expense - Furn. & Equip.
Merchandise Inventory, Dec. 31, 20X1
Fill in the blanks.
60,000
1. Net Sales
2. Net Purchases
3. Cost of Goods Sold
4. Gross Profit
5. Selling and Administrative Expenses
6. Net Income
7. Reporting Period
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