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For the Year Ended December 31 ales ales Return & Allowance ales Discount let Sales 1,950,345 (16,750) (24,820) 1,908,7 ost of Goods Sold: ventory, Beginning urchases urchase Return & Allowance urchases Discount ransportation in nventory, Ending 715,250 1,390,595 (12,585) (20,350) 31,475 (785,345) 1,319,0 Fross Profit 589,7 perating Expenses: elling Expenses: ales Salaries Expense dvertising Expense ransportation Out repreciation - Store Equip. Misc. Selling Expense 115,600 18,000 12,260 12,000 6,875 164,7 dministrative Expenses: office Salaries Expense ent Expense nsurance Expense upplies Expense ax Expense 65,900 48,000 9,000 8,650 6,750

For the Year Ended December 31 ales ales Return & Allowance ales Discount let Sales 1,950,345 (16,750) (24,820) 1,908,7 ost of Goods Sold: ventory, Beginning urchases urchase Return & Allowance urchases Discount ransportation in nventory, Ending 715,250 1,390,595 (12,585) (20,350) 31,475 (785,345) 1,319,0 Fross Profit 589,7 perating Expenses: elling Expenses: ales Salaries Expense dvertising Expense ransportation Out repreciation - Store Equip. Misc. Selling Expense 115,600 18,000 12,260 12,000 6,875 164,7 dministrative Expenses: office Salaries Expense ent Expense nsurance Expense upplies Expense ax Expense 65,900 48,000 9,000 8,650 6,750

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me prepare the single step income statement for this one. 

Anya Hardware Company Income Statement For the Year Ended December 31 Sales 1,950,345 (16,750) (24,820) Sales Return & Allowance Sales Discount Net Sales 1,908,775 Cost of Goods Sold: Inventory, Beginning 715,250 1,390,595 (12,585) (20,350) Purchases Purchase Return & Allowance Purchases Discount Transportation in Inventory, Ending 31,475 (785,345) 1,319,040 Gross Profit 589,735 Operating Expenses: Selling Expenses: Sales Salaries Expense Advertising Expense Transportation Out Depreciation - Store Equip. Misc. Selling Expense 115,600 18,000 12,260 12,000 6,875 164,735 Administrative Expenses: Office Salaries Expense Rent Expense Insurance Expense Supplies Expense Tax Expense Depreciation - Office Equip. Bad Debts Expense Misc. General Expense 65,900 48,000 9,000 8,650 6,750 6,000 2,515 4,975 151,790 Total Operating Expenses 316,525 Operating Profit 273,210 Other Income/ (Expenses): Interest Income 600 Interest Expense (6,000) (5,400) Net Income 267,810
Transcribed Image Text:Anya Hardware Company Income Statement For the Year Ended December 31 Sales 1,950,345 (16,750) (24,820) Sales Return & Allowance Sales Discount Net Sales 1,908,775 Cost of Goods Sold: Inventory, Beginning 715,250 1,390,595 (12,585) (20,350) Purchases Purchase Return & Allowance Purchases Discount Transportation in Inventory, Ending 31,475 (785,345) 1,319,040 Gross Profit 589,735 Operating Expenses: Selling Expenses: Sales Salaries Expense Advertising Expense Transportation Out Depreciation - Store Equip. Misc. Selling Expense 115,600 18,000 12,260 12,000 6,875 164,735 Administrative Expenses: Office Salaries Expense Rent Expense Insurance Expense Supplies Expense Tax Expense Depreciation - Office Equip. Bad Debts Expense Misc. General Expense 65,900 48,000 9,000 8,650 6,750 6,000 2,515 4,975 151,790 Total Operating Expenses 316,525 Operating Profit 273,210 Other Income/ (Expenses): Interest Income 600 Interest Expense (6,000) (5,400) Net Income 267,810
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