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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.

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Verlyn Elfa
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Download as XLSX, PDF, TXT or read online on Scribd
763 views

Acctngmodule 2

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.

Uploaded by

Verlyn Elfa
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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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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