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Income Stater ICO the & Sedgwick

Income Stater ICO the & Sedgwick

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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Income Statement Smythe & Sedgwick Company Name: Smythe & Sedgwick Year Ending 12/31/20XX Trial Balance Account Type Debit Credit Cash $2,150,000 Accounts Receivable $250,000 Allowance for Doubtful Accounts $50,000 Inventory Prepaid Insurance $125,000 $15,000 $300,000 Investments Property, Plant & Equipment Accumulated Depreciation $3,000,000 $250,000 $150,000 Goodwill Accounts Payable Accrued Liabilities Notes Payable (short-term) Bonds Payable Premium on Bonds Payable Common Stock Additional Paid In Capital - Common Stock $30,000 $40,000 $130,000 $200,000 $20,000 $2,500,000 $10,000 Preferred Stock $30,000 Additional Paid In Capital - Preferred Stock Retained Earnings Treasury Stock $15,000 $195,000 $45,000 Sales $5,500,000 Sales Discounts $10,000 Interest Revenue $10,000 Gain on Sale of Equipment Cost of Goods Sold Salary Expense Depreciation Expense Bad Debt Expense Loss on Sale of Land Interest Expense $70,000 $3,000,000 $50,000 $25,000 $15,000 $30,000 $20,000 Total $9,050,000 $9,050,000 Note: Income Tax Rate is 40% Classify the above accounts in the "Account Type" space provided. Then prepare a Multi-Step Income Statement in Good Form on the next page:
Transcribed Image Text:Income Statement Smythe & Sedgwick Company Name: Smythe & Sedgwick Year Ending 12/31/20XX Trial Balance Account Type Debit Credit Cash $2,150,000 Accounts Receivable $250,000 Allowance for Doubtful Accounts $50,000 Inventory Prepaid Insurance $125,000 $15,000 $300,000 Investments Property, Plant & Equipment Accumulated Depreciation $3,000,000 $250,000 $150,000 Goodwill Accounts Payable Accrued Liabilities Notes Payable (short-term) Bonds Payable Premium on Bonds Payable Common Stock Additional Paid In Capital - Common Stock $30,000 $40,000 $130,000 $200,000 $20,000 $2,500,000 $10,000 Preferred Stock $30,000 Additional Paid In Capital - Preferred Stock Retained Earnings Treasury Stock $15,000 $195,000 $45,000 Sales $5,500,000 Sales Discounts $10,000 Interest Revenue $10,000 Gain on Sale of Equipment Cost of Goods Sold Salary Expense Depreciation Expense Bad Debt Expense Loss on Sale of Land Interest Expense $70,000 $3,000,000 $50,000 $25,000 $15,000 $30,000 $20,000 Total $9,050,000 $9,050,000 Note: Income Tax Rate is 40% Classify the above accounts in the "Account Type" space provided. Then prepare a Multi-Step Income Statement in Good Form on the next page:
Smythe & Sedgwick Income Statement For the Year Ended December 31, 20XX
Transcribed Image Text:Smythe & Sedgwick Income Statement For the Year Ended December 31, 20XX
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