K Full Income Statement Exercise Create a Full Income Statement using the Given Information Given Information Income Statement 958,100 431,145 985,000 Gross Revenues Net Revenues* Returns and Allowances 5,250 Cost of Goods Sold round to nearest dollar using excels =ROUND0 functi Sales Discounts 21,650 Gross Profit 526,955 COGS Ratio 11 Depreciation 45.0% 10 65,000 185,000 SG&A Expenses Depreciation Other operating expenses 185,000 65,000 23,600 SG&A 12 Order from largest to smallest expense Other operating expenses 23,600 13 14 Misc. other income Operating Income 1,000 273,600 Misc. other losses 850 15 24.0% Misc. other income Tax rate 1,000 16 Order from largest absolute value to smallest 100,000 Common Shares Authorized Misc. other losses 850 17 Common Shares Issued 75,000 EBIT 1,850 18 Common Shares Outstanding 71,000 19 Interest Expense refer to your calculation 28,940 20 21 Mortgage on Buildings Interest Rate on Mortgage 400,000 Taxable Income 6.0% 22 round to nearest dollar using excels =ROUND(0 function 23 Bonds Payable Net Income 100,000 24 Interest Rate on Bonds 4.5% 25 Earnings Per Share Operating Cash Flow round to nearest cent using excels =ROUND() function 26 Average Short-term debt 20,000 65,000 27 Interest Rate on ST Debt 2.2% 28 29 Calculate Interest Expense: round to nearest dollar using excels =ROUND(0 function 30 Refer to this calculation on the Income Statement 31 32 * Cost of Goods Sold as a percentage of Net Revenues * Gross Profit = Revenues-COGS " SG&A is Selling, General and Administrative Expenses * Net Revenues are Gross Revenues less any sales discounts, returns, and allowances. 33 34 35 36 37 ** Enter all numbers as positive numbers, and either add or subtract in the subtotals and total calculations 38 20 K Full Income Statement Exercise Create a Full Income Statement using the Given Information Given Information Income Statement 958,100 431,145 985,000 Gross Revenues Net Revenues* Returns and Allowances 5,250 Cost of Goods Sold round to nearest dollar using excels =ROUND0 functi Sales Discounts 21,650 Gross Profit 526,955 COGS Ratio 11 Depreciation 45.0% 10 65,000 185,000 SG&A Expenses Depreciation Other operating expenses 185,000 65,000 23,600 SG&A 12 Order from largest to smallest expense Other operating expenses 23,600 13 14 Misc. other income Operating Income 1,000 273,600 Misc. other losses 850 15 24.0% Misc. other income Tax rate 1,000 16 Order from largest absolute value to smallest 100,000 Common Shares Authorized Misc. other losses 850 17 Common Shares Issued 75,000 EBIT 1,850 18 Common Shares Outstanding 71,000 19 Interest Expense refer to your calculation 28,940 20 21 Mortgage on Buildings Interest Rate on Mortgage 400,000 Taxable Income 6.0% 22 round to nearest dollar using excels =ROUND(0 function 23 Bonds Payable Net Income 100,000 24 Interest Rate on Bonds 4.5% 25 Earnings Per Share Operating Cash Flow round to nearest cent using excels =ROUND() function 26 Average Short-term debt 20,000 65,000 27 Interest Rate on ST Debt 2.2% 28 29 Calculate Interest Expense: round to nearest dollar using excels =ROUND(0 function 30 Refer to this calculation on the Income Statement 31 32 * Cost of Goods Sold as a percentage of Net Revenues * Gross Profit = Revenues-COGS " SG&A is Selling, General and Administrative Expenses * Net Revenues are Gross Revenues less any sales discounts, returns, and allowances. 33 34 35 36 37 ** Enter all numbers as positive numbers, and either add or subtract in the subtotals and total calculations 38 20
