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    Acctngmodule 2

    Uploaded by

    Verlyn Elfa
    The document is an income statement for LMN Trading Company for the year ended December 31, 20x1. It shows net sales of $21,000,000, cost of goods sold of $11,880,000, and gross profit of $9,120,000. Total expenses were $4,600,000, resulting in net income of $4,520,000.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Acctngmodule 2

    Uploaded by

    Verlyn Elfa
    736 views9 pages
    The document is an income statement for LMN Trading Company for the year ended December 31, 20x1. It shows net sales of $21,000,000, cost of goods sold of $11,880,000, and gross profit of $9,120,000. Total expenses were $4,600,000, resulting in net income of $4,520,000.

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    A module for accounting

    Original Title

    acctngmodule2

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    © © All Rights Reserved

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    The document is an income statement for LMN Trading Company for the year ended December 31, 20x1. It shows net sales of $21,000,000, cost of goods sold of $11,880,000, and gross profit of $9,120,000. Total expenses were $4,600,000, resulting in net income of $4,520,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    736 views9 pages

    Acctngmodule 2

    Uploaded by

    Verlyn Elfa
    The document is an income statement for LMN Trading Company for the year ended December 31, 20x1. It shows net sales of $21,000,000, cost of goods sold of $11,880,000, and gross profit of $9,120,000. Total expenses were $4,600,000, resulting in net income of $4,520,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    Rey Lantin Services

    Statement of Income
    For the Year Ended December 31, 20x1

    Service Income
    Less: Cost of Services 1,050,000.00
    Administrative Salaries 280,000.00
    Advertising Expense 70,000.00
    Utilities Expense 60,000.00
    Transportation Expense 9,000.00
    Bad Debts Expense 5,000.00
    Depreciation Expense 6,000.00
    Rent Expense 60,000.00
    Total Cost and Expenses
    Net Income
    2,000,000.00

    1,540,000.00
    460,000.00
    LMN Trading Company
    Income Statement
    For the Year Ended December 31, 20x1

    Net Sales
    Less: Cost of Sales
    Merchandise Inventory, Jan. 1
    Add: Net Purchases 630,000.00
    Less: Discounts -
    Returns and Allowances - -
    630,000.00
    Add: Freight-in -
    Total Goods Available for Sales
    Less: Merchandise Inventory, Dec. 31
    Gross Profit
    Less: Salaries and Wages
    Bad Debts Expense
    Depreciation Expense
    Rent Expense
    Utilities Expense
    Net Income
    20x1

    1,300,000.00

    150,000.00

    630,000.00
    780,000.00
    180,000.00 600,000.00
    700,000.00
    210,000.00
    20,000.00
    40,000.00
    80,000.00
    50,000.00 400,000.00
    300,000.00
    Benis Nakakainis Company
    Income Statement
    For the Year Ended December 31, 20x1

    Sales
    Less: Sales Discounts
    Sales Returns and Allowances
    Net Sales
    Less: Cost of Sales
    Merchandise Inventory, Jan. 1
    Add: Purchases 220,000.00
    Less: Discounts -
    Returns and Allowances 3,000.00 3,000.00
    217,000.00
    Add: Freight-in -
    Total Goods Available for Sales
    Less: Merchandise Inventory, Dec. 31
    Gross Profit
    Less: Advertising
    Sales Salaries
    Commission Expense
    Miscellaneous Selling Expense
    Rent Expense
    Office Salaries
    Light and Water
    Insurance Expense
    Taxes and Licenses
    Interest Expense
    Bad Debts Expense
    Depreciation Expense - Furn. & Equip
    Net Income
    Net Sales
    , 20x1 Net Purchases
    Cost of Goods Sold
    475,000.00 Gross Profit
    - Selling and Administrative Expense
    5,000.00 5,000.00 Net Income
    470,000.00 Reporting Period

    57,000.00

    217,000.00
    274,000.00
    60,000.00 214,000.00
    256,000.00
    10,000.00
    30,000.00
    15,000.00
    3,000.00
    15,000.00
    20,000.00
    2,000.00
    1,000.00
    5,000.00
    4,000.00
    20,000.00
    10,000.00 135,000.00
    121,000.00
    470,000.00
    217,000.00
    214,000.00
    256,000.00
    135,000.00
    121,000.00
    Yearly Reporting Period
    LMN Trading Company
    Income Statement
    For the Year Ended December 31, 20x1

    Sales
    Less: Sales Discounts
    Sales Returns and Allowances
    Net Sales
    Less: Cost of Sales
    Merchandise Inventory, Jan. 1
    Add: Purchases 12,500,000.00
    Less: Discounts 280,000.00
    Returns and Allowances 600,000.00 880,000.00
    11,620,000.00
    Add: Freight-in 400,000.00
    Total Goods Available for Sales
    Less: Merchandise Inventory, Dec. 31
    Gross Profit
    Less: Salaries Expense
    Rent Expense
    Utilities Expense
    Bad Debts Expense
    Depreciation Expense
    Transportation Expense
    Insurance Expense
    Supplies Expense
    Taxes and Licenses
    Net Income
    y

    r 31, 20x1

    21,626,000.00
    210,000.00
    416,000.00 626,000.00
    21,000,000.00

    240,000.00

    12,020,000.00
    12,260,000.00
    380,000.00 11,880,000.00
    9,120,000.00
    3,184,000.00
    480,000.00
    338,000.00
    90,000.00
    100,000.00
    246,000.00
    50,000.00
    42,000.00
    70,000.00 4,600,000.00
    4,520,000.00

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