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Preparing Income Statement for January

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Added on  2020-05-04

Preparing Income Statement for January

   Added on 2020-05-04

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Running head: ACCOUNTINGAccountingName of the Student:Name of the University:Authors Note:
Preparing Income Statement for January_1
ACCOUNTING1Table of ContentsExercise 1:..................................................................................................................................21. Depicting the accounts affected by the transactions in January:............................................22. Preparing income statement for January:...............................................................................23. Preparing Balance sheet for January:.....................................................................................3Exercise 2: Considering the ethical condition for management to hold the meeting and planfor the advance to improve financial statements that will be creditors and investors:..............4Reference and Bibliography:......................................................................................................7
Preparing Income Statement for January_2
ACCOUNTING2Exercise 1:1. Depicting the accounts affected by the transactions in January:InventoryCashOperating expensesInterest expensesDepreciation expenseNet salesAccounts receivablesAccounts payableCost of goods salesThe above table mainly depicts the relevant account that could be affected by thetransactions in January.2. Preparing income statement for January:Income statement for January 2014ParticularsAmountAmountNet sales 17,800 Cost of goods sales 8,750 Gross profit 9,050 Operating expenses 500 Interest expenses 1,500 Depreciation expense 350 Rent 200 Total expenses 2,350 PBT 6,700 Tax expenses 2,010 Profit 4,690 Retained earnings 5,040 Retained earnings of Dec 3,510 Total retained earnings 8,550
Preparing Income Statement for January_3

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