I-05.05 Worksheet

I-05.05 Worksheet - Name: Date: I-05.05 Section: MONTAQUE...

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Unformatted text preview: Name: Date: I-05.05 Section: MONTAQUE CORPORATION Income Statement For the Year Ending December 31, 20X5 (all amounts in thousands of dollars) Revenues Sales Less: Sales discounts Sales returns and allowances Net sales Cost of goods sold Beginning inventory, Jan. 1 Add: Purchases Freight-in $ 5,675,000 $ $ Selling expenses Advertising Salaries Depreciation Utilities General & administrative expenses Salaries Depreciation Utilities Other expenses Interest Income before taxes Income tax expense Net income $ - - - $ $ - $ $ $ Less: Purchase discounts Purchase returns & allowances Net purchases Goods available for sale Less: Ending inventory, Dec. 31 Cost of goods sold Gross profit - - - $ $ - $ - - $ $ - This solution is reached by setting up the format, inserting the knowns, and solving for the unknowns. Creating formulas in the excel template greatly simplifies this problem. 1 of 2 Name: Date: I-05.05 Section: MONTAQUE CORPORATION Income Statement For the Year Ending December 31, 20X5 (all amounts in thousands of dollars) Revenues Net sales Expenses Cost of goods sold Selling General & administrative expenses Interest Income before taxes Income tax expense Net income $ $ $ - -$ $ - - 2 of 2 ...
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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I-05.05 Worksheet - Name: Date: I-05.05 Section: MONTAQUE...

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