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 ........................ $10,000
Accounts Receivable ................... 6,000
Allowance for Doubtful Accounts ............. 1,700
Merchandise Inventory, January 1, 201X, Grocery ...... 7,600
Merchandise Inventory, January 1, 201X, Pizza ....... 4,600
Merchandise Inventory, December 31, 201X, Grocery ..... 17,500
Merchandise Inventory, December 31, 201X, Pizza ....... 8,200
Equipment ....................... 14,500
Accumulated Depreciation, Equipment ........... 9,200
Accounts Payable ................... 9,900
B. Small, Capital .................... 12,000
B. Small, Withdrawals ................. 3,200
Sales, Grocery ..................... 21,000
Sales, Pizza ...................... 22,000
Sales Returns and Allowances, Grocery ........... 2,100
Sales Returns and Allowances, Pizza ............ 2,800
Purchases, Grocery .................... 22,000
Purchases, Pizza ..................... 13,000
Purchases Returns and Allowances, Grocery .......... 900
Purchases Returns and Allowances, Pizza ............ 200
Total Operating Expenses ................ 4,800



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  • CreatedApril 24, 2014
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