Question

From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 30% tax rate) for Accelerated Stop for the year ended December 31, 201X:
Cash ....................... $11,500
Accounts Receivable .................. 7,000
Allowance for Doubtful Accounts ............ 1,900
Merchandise Inventory, January 1, 201X, Grocery ..... 7,000
Merchandise Inventory, January 1, 201X, Pizza ....... 4,800
Merchandise Inventory, December 31, 201X, Grocery ..... 19,000
Merchandise Inventory, December 31, 201X, Pizza ...... 7,800
Equipment ...................... 14,500
Accumulated Depreciation, Equipment ........... 9,400
Accounts Payable .................. 10,000
B. Small, Capital ................... 9,500
B. Small, Withdrawals ................ 3,400
Sales, Grocery .................... 23,000
Sales, Pizza ..................... 15,000
Sales Returns and Allowances, Grocery .......... 2,100
Sales Returns and Allowances, Pizza ........... 3,200
Purchases, Grocery .................. 22,400
Purchases, Pizza ................... 14,500
Purchases Returns and Allowances, Grocery ........ 1,100
Purchases Returns and Allowances, Pizza .......... 200
Total Operating Expenses ................ 4,300



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  • CreatedApril 24, 2014
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