Income Statement For The Year Ended December 31

Income statement for the year ended december 31 20x5 income.

Income statement for the year ended december 31. Professional fees 555 300 operating expenses. Sales 682 000 dividends 22 000 interest 29 000 gain on sale of ppe property plant equipment 19 000 total income 752 000 expenses. For example an annual income statement issued by paul s guitar shop inc. Cost of goods sold 360 000 depreciation 43 000 wages 134 000 interest 38 000 other expenses 41 000 total expenses 616 000 net income.

Interest expenses 70 000 sales 2 312 000. For the year ended december 31 20y2. We will be using the adjusted trial balance from this lesson. Hence the amounts presented in the report are income and expenses from january 1 2019 to december 31 2019.

Income accounts are presented before expenses. Other income and expenses. Paul s guitar shop inc. 435 000 selling expenses 490 000.

Would have the following heading. For the year ended december 31 2015. For example an income statement may cover any one of the following time periods. In its income statement for the year ended december 31 2008 pele company reported the following condensed data.

In the above example the period covers 1 year that ends on december 31 2019. Cost of goods sold 1 289 000 sales return 90 000. This means that the income statement presents information for a specific span of time. Fit for life foods reports the following income statement accounts for the year ended december 31 gain on sale of equipment office supplies expense insurance expense sales office salaries expense 6 250 depreciation expense office copier 500 sales discounts 700 16 000 4 000 2 000 sales returns and allowances 1 300 220 000 tv advertising expense interest revenue 32 500.

A year end income statement presents a summary of a company s revenue and expenses for the 12 months prior to the end of a fiscal year. In this tutorial we will prepare an income statement of a sole proprietorship service type business using information from previous lessons. Since income statements can be prepared for any period of time you must inform the reader of the precise period of time being covered. Multi step income statements the adjusted trial balance of patton corporation on december 31 is shown below.

Adjusted trial balance if you want you may take a look at how an income statement looks like here before we proceed. When you re ready let s begin. Patton corporation income statement for the year ended december 31 0 gross profit on sales operating expenses income before income taxes net income please answer all parts of the question. Salary expense 384 900 depreciation expense building 12 900 heating and lighting expense 10 500 depreciation expense office equipment 6 300 property tax expense 3 200.