multiple step income statement
TRANSCRIPT
“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: [email protected]