The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in the blank 8 Cost of Goods Sold: $fill in the blank 10 $fill in the blank 12 $fill in the blank 14 fill in the blank 16 fill in the blank 17 Net Purchases $fill in the blank 18 fill in the blank 20 fill in the blank 22 $fill in the blank 24 fill in the blank 26 fill in the blank 28 $fill in the blank 30 Operating Expenses: $fill in the blank 32 fill in the blank 34 Total Operating Expenses fill in the blank 35 Net Income $fill in the blank 36
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in the blank 8 Cost of Goods Sold: $fill in the blank 10 $fill in the blank 12 $fill in the blank 14 fill in the blank 16 fill in the blank 17 Net Purchases $fill in the blank 18 fill in the blank 20 fill in the blank 22 $fill in the blank 24 fill in the blank 26 fill in the blank 28 $fill in the blank 30 Operating Expenses: $fill in the blank 32 fill in the blank 34 Total Operating Expenses fill in the blank 35 Net Income $fill in the blank 36
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPA: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales...
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The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories.
INCOME STATEMENT | ||
ACCOUNT NAME | DEBIT | CREDIT |
Income Summary | 32,000.00 | 31,000.00 |
Sales | 324,000.00 | |
Sales Returns and Allowances | 13,310.00 | |
Sales Discounts | 7,700.00 | |
Purchases | 126,360.00 | |
Purchases Returns and Allowances | 1,200.00 | |
Purchases Discounts | 1,300.00 | |
Freight In | 7,500.00 | |
Selling Expenses | 61,560.00 | |
General Expenses | 50,884.00 | |
299,314.00 | 357,500.00 | |
Net Income | 58,186.00 | |
357,500.00 | 357,500.00 |
From the information given, prepare an income statement for the company.
Ralley Company | ||||
Income Statement | ||||
For Year Ended August 31, 20-- | ||||
Revenue from Sales: | ||||
$fill in the blank 2 | ||||
$fill in the blank 4 | ||||
fill in the blank 6 | fill in the blank 7 | |||
Net Sales | $fill in the blank 8 | |||
Cost of Goods Sold: | ||||
$fill in the blank 10 | ||||
$fill in the blank 12 | ||||
$fill in the blank 14 | ||||
fill in the blank 16 | fill in the blank 17 | |||
Net Purchases | $fill in the blank 18 | |||
fill in the blank 20 | ||||
fill in the blank 22 | ||||
$fill in the blank 24 | ||||
fill in the blank 26 | ||||
fill in the blank 28 | ||||
$fill in the blank 30 | ||||
Operating Expenses: | ||||
$fill in the blank 32 | ||||
fill in the blank 34 | ||||
Total Operating Expenses | fill in the blank 35 | |||
Net Income | $fill in the blank 36 |
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