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PREPARE INCOME STATEMENT How to solve this? i dont know the process of income statement From the 2019 account balances given below for Leni Marcos
PREPARE INCOME STATEMENT
How to solve this? i dont know the process of income statement
From the 2019 account balances given below for Leni Marcos Corporation, you are tasked to prepare the income statement. Observe proper classification. Sales 15,700,000 Sales Returns 250,000 Sales allowances 30,000 Sales discounts 20,000 Officer's salaries 1,000,000 Depreciation expense-office equipment. 600,000 Purchase discounts 200,000 Dividend income 300,000 Freight-in 1,000,000 Income tax 500,000 Purchases 10,500,000 Purchase returns 150,000 Purchase allowances 150,000 Rent income 500,000 Freight out 350,000 Salesmen's commission 1,300,000 Depreciation expense -store equipment 250,000 Inventory, beg 2,000,000 Inventory, end 3,000,000Step by Step Solution
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