Prepare An Income Statement For The Year Ended December 31 2017

12 31 2017 cost of goods sold gross margin selling and admin.

Prepare an income statement for the year ended december 31 2017. Income statement sales 1 650 000 795 000 2 300 000 equity in subsidiary income 91 125 1 91 125 total revenue 1 741 125 795 000 cost of goods sold. The left number column is prepared before any adjusting entries are. Wilson trucking company statement of retained earnings for year ended december 31 2017 retained earnings december 31 2016 138 225 add. Answer to in its income statement for the year ended december 31 2017 anhad company reported the following condensed data.

We will be using the adjusted trial balance from this lesson. When you re ready let s begin. Do not use negative signs with your answers. For the year ended december 31.

Xyz company income statement for the year ending dec. Prepare a multi step income statement for the year ended december 31. Answer paque corporation and subsidiary part a consolidated statement workpaper for the year ended december 31 2013 paque segal eliminations no corporation company dr. Instructions a prepare a multiple step incom solutioninn.

No doubt there are a lot of people involved in the planning for a business the size of mcdonald s. After analyzing the data prepare a retained earnings statement for the year ending december 31 2017. Your answer is correct. Instructions a prepare a multiple step income statement b prepare a single step.

Income statement for the year ended december 31 2017 sales cost of goods sold. Combine all the operating expenses into one line on the income statement for selling general and administrative expenses. In this tutorial we will prepare an income statement of a sole proprietorship service type business using information from previous lessons. For the year ended december 31 2016 mcdonald s had sales of 24 6 billion.

11 the amount of sales is often used by the business as the starting point for planning the next year. List items that increase retained earnings first for the year ended december 31 2017. This statement should serve to give you the basic layout and an idea of how a profit loss statement or income statement works. Dividends 19 000 retained earnings december 31 2017 139 394 req following are two income statements for alexis co.

After analyzing the data prepare an income statement for the year ending december 31 2017. In its income statement for the year ended december 31 2014 michael company reported the following condensed data. 31 2016 8700 cost of goods manufactured goods available for sale less.