multiple step income statement

“TSM” Company Multiple-Step Income statement

Year ended December 2014 Sales revenues:

Sales

Less: sales return and allowance

Sales discount

Net sales

Less: Cost of goods sold:

Inventory (opening)

Purchases ****

Less: purchase return and allowance **** Purchase discount **** (****)

Net purchase ****

Add: freight in ****

Cost of goods purchased

Cost of goods available for sale

Less: Inventory (closing)

Cost of goods sold

Gross profit

Less: Operating expense

Selling expense ****

Store salaries expense ****

Advertising expense ****

Depreciation expense ****

Freight out ****

Total selling expense

Less: Administrative expense:

Rent expense ****

Utilities expense ****

Insurance expense ****

Total administrative expense

Total operating expense

Income from operations

Add: Other revenues and gains:

Interest revenue **** ****

****

****

**** (****)

****

**** ****

****

(****)

****

****

Gain on sale of equipment

Less : Other expense and losses:

****

Interest expense **** ****

Causality loss from vandalism ****

Net income ****

Prepared by

Md Parvez Khan

Jagannath University

Accounting And Information Systems

Cell: 01757424040 // 01670837247

Email: mdparvezkhan.jnu@gmail.com