Multi-Step Income Statement
Lynnette
Week3Exceltemplate.xlsxSIMON COMPANY
| Name | Shuronda Henderson | |||||
| Date | 7/17/17 | |||||
| SIMON COMPANY | ||||||
| Income Statement | ||||||
| For the Year Ended December 31, 2017 | ||||||
| Sales | ||||||
| Sales Revenue | 911,000 | |||||
| Less: Sales returns and allowances | 28,000 | |||||
| Sales discount | 18,000 | |||||
| Net sales | 850,000 | |||||
| Cost of goods sold | 555,000 | |||||
| Gross profit | 295,000 | |||||
| Operating expenses | ||||||
| Salaries and wage expense | 136,000 | |||||
| Utilities expense | 12,000 | |||||
| Advertising expense | 13,000 | |||||
| Depreciation expense | 10,000 | |||||
| Freight out | 33,000 | |||||
| Rent expense | 30,000 | |||||
| Total operating expenses | 234,000 | |||||
| Income from operations | 61,000 | |||||
| Other revenues and gains | ||||||
| Rent revenue | 4,000 | 4,000 | ||||
| Other expenses and losses | ||||||
| Interest expense | 2,000 | |||||
| Dividend expense | 18,000 | 20,000 | ||||
| Income before income taxes | 60,000 | |||||
| Income tax expense | 45,000 | |||||
| Net Income | 105,000 | |||||
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