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Multi step income statement

Clarification in computing the company's net sales, gross profit, and net income for the year ended june 30th 2000.

Key question, if the owner of the business is trying to make a gross profit of $90,000 and net income of $50,000. How could you determine if he achieved his goals. Just need a brief explanation.

ACCOUNTING RECORDS AS OF JUNE 30TH 2000

CASH $ 13,600

ACCOUNTS RECEIVABLE $ 8,100

NOTE PAYABLE $ 4,300

SALES REVENUE $ 199,100

SALARY PAYABLE $ 1,800

CAPITAL $ 36,000

SALES RETURNS & ALLOWANCES $ 12,100

SELLING EXPENSES $ 19,800

WITHDRAWALS $30,400

INVENTORY: JUNE 30 TH 1999 $23,800
JUNE 30 TH 2000 $28,500

EQUIPMENT $44,700

COST OF GOODS SOLD $95,000

ACCUMULATED DEPRECIATION:
EQUIPMENT $6,900

SALES DISCOUNTS $3,400

GENERAL EXPENSES $16,300

ACCOUNTS PAYABLE $23,800

Solution Summary

Solution shows:
1. Multi-step income statement
2. Detailed calculations
2. Conceptual notes

$2.19