The trial balance of AL-Mazin Co. at the end of its fiscal year Dec.31.2017 includes the following accounts. Beginning inventory 362000 Purchases 1230000 Sales 1500000 Freight-in 12000 Purchases commission 12000 Import duties 38000 Purchases return and allowance 14000 Purchases discount 2000 Sales return and allowance 20000 Sales discount 12000 Ending inventory 100000 Other revenues and gains 210000 Other expenses and losses 4000 Selling expenses 15000 Administrative expenses 21000 Income tax 3000 From the foregoing information prepare an income statement with (multiple - steps – form) for the year ended in 2017
The trial balance of AL-Mazin Co. at the end of its fiscal year Dec.31.2017 includes the following accounts. Beginning inventory 362000 Purchases 1230000 Sales 1500000 Freight-in 12000 Purchases commission 12000 Import duties 38000 Purchases return and allowance 14000 Purchases discount 2000 Sales return and allowance 20000 Sales discount 12000 Ending inventory 100000 Other revenues and gains 210000 Other expenses and losses 4000 Selling expenses 15000 Administrative expenses 21000 Income tax 3000 From the foregoing information prepare an income statement with (multiple - steps – form) for the year ended in 2017
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The trial balance of AL-Mazin Co. at the end of its fiscal year Dec.31.2017 includes the following accounts.
Beginning inventory 362000
Purchases 1230000
Sales 1500000
Freight-in 12000
Purchases commission 12000
Import duties 38000
Purchases return and allowance 14000 Purchases discount 2000
Sales return and allowance 20000
Sales discount 12000
Ending inventory 100000
Other revenues and gains 210000
Other expenses and losses 4000
Selling expenses 15000
Administrative expenses 21000
Income tax 3000
From the foregoing information prepare an income statement with (multiple - steps – form) for the year ended in 2017
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