Question

ing partial worksheet for Set A 12A-1. Prepare a formal income statement from the following partial works Malorie's Dental Supply Co. Figure 12.14 Partial Worksheet for Malorie's Dental Supply Co. MALORIE'S DENTAL SUPPLY CO. PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2018 Income Statement Dr. Cr. Account Titles 28 00 00 Sales Sales Returns and Allow. Sales Discounts Cost of Goods Sold Salaries Expense Insurance Expense Advertising Expense Rental Income Rent Expense Depreciation Exp., Store Equip. Salaries Payable 11 900 6400 67 600 3 00 00 20 000 15 500 20 000 2 1 5 00 20 000 Net Income 19 2 900 300 000 107 100 300 000 30 00 00

Answer 1

Malorie's Dental supply co.

Income statement for the year ended december 31 2018.

sales	2,800
less:sales returns and allowances	(119)
less:sales discounts	(64)
net sales		2,617
less: cost of goods sold		(676)
gross profit		1,941
less:operating expenses:
salaries expense	(300)
insurance expense	(200)
advertising expense	(155)
rent expense	(215)
depreciation expense	(200)	(1,070)
operating income		871
Non - operating or other income
rental income	200
Total non operating income		200
net income		1,071