Enter the following information to create Aprils Income Statement and Balance Sheet: Gross Sales: 500,000 Sales Returns
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Question:
- Enter the following information to create April’s Income Statement and Balance Sheet:
- Gross Sales: 500,000
- Sales Returns and Allowances: 1,000
- Net Sales (Subtract Sales Returns and Allowances from Gross Sales)
- Cost of Goods Sold: 175,000
- Gross Profit (Loss): (Subtract Cost of Goods sold from Net Sales)
- Advertising: 1,250
- Bank Charges: 50
- Dues & Subscriptions: 400
- Insurance: 2,000
- Legal & Professional Fees: 3,200
- Licenses & Fees: 750
- Office Expense: 4,000
- Mortgage Payment $2,000
- Depreciation $500 (Plant & Equipment), $1,000 (Building)
- Payroll Tax Expense: 3,000
- Postage: 450
- Utilities: 3,200
- Vehicle Expenses: 5,000
- Wages: 250,000
- Total Expenses: (Sum all expenses starting in row 16)
- Net Operating Income: [Subtract Total Expenses from Gross Profit (Loss)]
- Cash increased by $1, 500
- Accounts Payable decreased by $1,000
- Accrued Payroll decreased by $500
- Accounts Receivable Increased by $2,200
- Purchase New Equipment worth $43,500
Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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