Prepare Income Statement For The Year Ended

In september 2016 it produced and sold 30000 units.

Prepare income statement for the year ended. December 31 2017 potato potato 16 000 potato company income statement year ended december 31 2017 net sales revenue 106 000 cost of goods sold. Xyz company income statement for the year ending dec. The following additional information is available. Brokaw corp income statement for the year ended december 31 2012 sales revenue net sales 1 200 000 cost of goods sold 780 000 gross profit 420 000 operating expenses selling expenses 65 000 administration.

As you can see this example income statement is a single step statement because it only lists expenses in one main category. Assume that 60 000 shares of common stock are outstanding. Inventory at 31 december 2014 was valued at 4500. A prepare income statement for the year ended 31 december 2014.

A marginal costing. Prepare the income statement for the year ended for company which uses the periodic inventory system. Prepare income statements for september 2016 by using. Combine all the operating expenses into one line on the income statement for selling general and administrative expenses.

This statement should serve to give you the basic layout and an idea of how a profit loss statement or income statement works. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. Absorption costing income statement. Prepare a multi step income statement for the year ended december 31.

The following balances are taken from the books of george anderson at the end of his first year trading on 31 december 2014. Information for september 2016 was. For the year ended 30 june 2016. B prep are a balance sheet as at 31.

In its income statement for the year ended december 31 2022 concord corporation reported the following condensed data. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Do not use negative signs with your answers. Here is an example of how to prepare an income statement from paul s adjusted trial balance in our earlier accounting cycle examples.

Include a complete heading and show the full computation of cost of goods sold. Instructions a prepare a multiple step income statement for 2012. Operating expenses 712 000 interest revenue 26 000 cost of goods sold 1 249 000 loss on disposal of plant assets 10 000 interest expense 64 000 net sales 2 193 000 income tax expense 37 000 other comprehensive income net of 1 200 tax 7 600 prepare a multiple step. S operating expenses for the year were.

For the year ended 30 june 2016. Single step income statement.