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Rachel's Enterprises Solutions Income Statement As of March 31, 2021 Revenue and Gains Sales 376,000 Sales Discount -1,900 Sales Allowance -1,700 Consulting Services Revenue 96,000
Rachel's Enterprises Solutions | |
Income Statement | |
As of March 31, 2021 | |
Revenue and Gains | |
Sales | 376,000 |
Sales Discount | -1,900 |
Sales Allowance | -1,700 |
Consulting Services Revenue | 96,000 |
Consulting Service Revenue | 14,000 |
Rent Revenue | 20,000 |
Interest Income | 250 |
Gain on Sale of Equipment | 2,500 |
Loss on Disposal | -3,000 |
Total Revenue | 502,150 |
Expenses | |
Cost of Goods Sold | 178,400 |
Purchases | 142,000 |
Purchase Discount | 1,800 |
Purchase Return | -4,000 |
Freight In | 2,700 |
Salary Expense | 30,000 |
Repair Expense | 6,000 |
Advertising Expense | 6,500 |
Interest Expense | 11,064 |
Taxes Expense | 19,000 |
Entertainment Expense | 250 |
Travel Expense | 265 |
Miscellaneous Expense | 100 |
Postage Expense | 190 |
Legal Fees | 1,500 |
Utilities Expense | 7,500 |
Mileage Expense | 2,500 |
Depreciation Expense | 13,938 |
Amortization Expense | 500 |
Bad Debts Expense | 2,150 |
Supplies Expense | 7,400 |
Rent Expense | 7,500 |
Insurance Expense | 2,250 |
Total Expenses | 439,507 |
Net Income Before Income Tax | 62,643 |
Income Tax (21%) | 13,155 |
Net Income | 49,488 |
Prepare a Statement of Retained Earnings and Balance Sheet in good form
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