3. From the partial worksheet shown on the next page, prepare an income statement. You will...
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3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Delivery Expense General Expense Rent Expense 1 Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet Net Income 4 Depreciation Expense - Automobiles Depreciation Expense - Equipment Income Statement Debit Credit 45957- 4092- 75 316 20 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 Year Ended December 31, 20- Balance Sheet 2563 2417- 7424- 43500- 229350 50 762190 6086- 229647 56 280 47240 5082484 280472 40 28047240 Debit Credit 3. From the partial worksheet shown on the next page, prepare an income statement. You will need to use 4 columns for this Income Statement. Add in some discounts: Discount allowed: $1025.25 Discounts earned: $427.57 Master Security Systems Accounts Bank Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accum. Depreciation Equipment Automobiles Accum. Depreciation - Automobiles Accounts Payable HST Payable HST Recoverable Bank Loan A. Kiriella, Capital A. Kiriella, Drawings Sales Sales Returns and Allowances Delivery Expense General Expense Rent Expense 1 Purchases Purchases Returns and Allowances Freight-in Advertising Expense Bank Charges Expense Car Expense Telephone Expense Utilities Expense Wages Expense Supplies Expense Insurance Expense Worksheet Net Income 4 Depreciation Expense - Automobiles Depreciation Expense - Equipment Income Statement Debit Credit 45957- 4092- 75 316 20 1592- 1585- 2685- 8356- 569521 163225 12000- 111533 3875 25 47256 32 Year Ended December 31, 20- Balance Sheet 2563 2417- 7424- 43500- 229350 50 762190 6086- 229647 56 280 47240 5082484 280472 40 28047240 Debit Credit
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To prepare the income statement based on the provided information we need to rearrange the data and calculate the respective totals Heres the income s... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
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