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Income Statement Essay

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Below is an essay on "Income Statement" from Anti Essays, your source for research papers, essays, and term paper examples.

a. Question number1 p4-4- Multiple step income statement

Reid Corporation
Income Statement
For the year ended June 30, 2010

Sales Revenue                                 1928500
Less: sales discount 31150
Sales return and allowance 62300   93450
Net sales   1835050
Less: cost of goods sold   1071770
Gross profit   763280

Operating Expenses:
Selling Expenses:
Sales salaries     56260
Less: sales commissions 97600
Travel expense – salesperson 28930
Freight-out 21400
Entertainment Expense 14820
Telephone and Internet-sales 9030                                  
Miscellaneous selling expenses     4715
Depreciation of sales equipment       4980
Building expense 6200
Bad debt expense 4850 248785

Administrative expenses:
Office supplies used       3450
Real estate other local tax     7320
Telephone and internet- administration     2820
Depreciation of office furniture and equipment       7250
Miscellaneous office expenses                           6000
Building expense – prorated to administrative             9130 35970
     
Income from operations                             478525                

Other revenue and gains:
Dividends received 38000
Other expenses and losses:
Bonds interest expense (18000) 20000

Income before taxes 498525      
Income tax 133000
Net income for the year 365525

B) Question number 4-4 Single- step Income Statement

Reid Corporation
Income Statement
For the year ended June 30, 2010

Revenue: 1835050
Dividends received 38000                                
Total revenues 1873050
Expenses:   Cost of goods sold 1071770
Selling Expenses 248785
Administrative expenses: 35970
Interest expense 18000
Income tax expense 133000
Total Expense 1507525

Net income 365525

Retained Earnings...

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