Q.3The following 2012 information related to the Tom Hanks Corp.1 600 000-Cost of purchases-Rental revenues87 500-Rental expenses46 250-Sales and distribution salaries-Sales commission-Dividend received63 00015 00018 75048 750Administration salaries-Losses on disposal of Equipment-Net sales7 5002 125 000-Advertising expenses-Gain on disposal of office Assets-Income taxes187 50017 5007 500Ins:Prepare an income statement with single -step -form for the year ended inDec.31.2012 .(6M)

Income statement is a financial statement which represents all the revenues and expenses of a…

Q.3 The following 2012 information related to the Tom Hanks Corp. -Cost of purchases 1 600 000 87 500 -Rental revenues -Rental expenses 46 250 -Sales and distribution salaries -Sales commission 63 000 15 000 18 750 -Dividend received Administration salaries 48 750 -Losses on disposal of Equipment -Net sales -Advertising expenses -Gain on disposal of office Assets 7 500 2 125 000 187 500 17 500 -Income taxes 7 500 Ins : Prepare an income statement with single -step -form for the year ended in Dec.31.2012 .

Q.3 The following 2012 information related to the Tom Hanks Corp. -Cost of purchases 1 600 000 87 500 -Rental revenues -Rental expenses 46 250 -Sales and distribution salaries -Sales commission 63 000 15 000 18 750 -Dividend received Administration salaries 48 750 -Losses on disposal of Equipment -Net sales -Advertising expenses -Gain on disposal of office Assets 7 500 2 125 000 187 500 17 500 -Income taxes 7 500 Ins : Prepare an income statement with single -step -form for the year ended in Dec.31.2012 .

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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