DID I DO THIS CORRECTLY?

Prepare a formal income statement from the following partial worksheet for

NewingtonNewington

Co.

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Part 1

		Newington Co.
		Income Statement
		For the Year Ended December 31, 2018
Revenue:
	Gross Sales		2650
	Less:	Sales Returns and Allow.	121
		Sales Discounts	68	189
Cost of Goods Sold		900
Gross Profit		1561
Operating Expenses:
	Salaries Expense	150
	Insurance Expense	180
	Advertising Expense	185
	Rent Expense	195
	Depreciation Exp., Store Equip.	240
		Total Operating Expenses		950
Net Income from Operations		611
Other Income:
	Rental Income		220
Net Income (Loss)		831

Newington Co.

Partial Worksheet

For the Year Ended December 31, 2018

Income Statement

Account Titles

Dr.

Cr.

Sales

2,650

Sales Returns and Allow.

121

Sales Discounts

68

Cost of Goods Sold

900

Salaries Expense

150

Insurance Expense

180

Advertising Expense

185

Rental Income

220

Rent Expense

195

Depreciation Exp., Store Equip.

240

Salaries Payable

2,039

2,870

Net Income

831

2,870

2,870