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Lesson-3-SCI-IS.docx - LESSON 3 – SCI/IS FORMAT SCI/IS -...

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LESSON 3 – SCI/ISFORMAT SCI/IS - FUNCTIONALSALES/REVENUEXXCOS/COGS(XX)GROSS PROFITXXADD: OTHER INCOMEXXTOTAL INCOMEXXLESS: EXPENSESSELLING COST/DISTRIBUTION COST (OPEX)(XX)ADMINISTRATIVE COST(OPEX)(XX)FINANCE COST/OTHER EXPENSES(XX)PROFITXXLESS: TAXES(XX)NET INCOME AFTER TAX (OPERATION)XXADD/LESS: OTHER COMPREHENSIVE INCOMENET OF TAX+/-COMPREHENSIVE NET INCOMEXX
PROB. 1Sales500,000Sales returns30,000Sales discounts10,000Beginning inventory250,000Purchases100,000Purchase returns20,000Purchase discounts10,000Freight in15,000Ending inventory50,000Salaries expense30,000Rent expense40,000Depreciation expense20,000Interest expense5,000Utilities expense12,000Miscellaneous expense
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Fall
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Maxine

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