Prepare an income statement of Walmart for the month of May based on the following: On...
Prepare an income statement of Walmart for the month of May based on the following:
- On May 1, owners of the firm invested $10,000 in the firm to expand the firm.
- During May the firm delivered products and billed customers for those deliveries amounting to $50,000. The customers paid $20,000 of this billed amount during May.
- To manufacture these products the firm had to buy materials worth about $30,000 - $20,000 of which got sold and the remaining $10,000 worth of materials were in the firm’s warehouse at the end of May.
- In April the firm had paid rent for premises of $6,000 which represented rent for 2 months, April and May.
- During May the firm paid salaries to employees for work done during May - $2,000.
- On May 30, the firm received a bill for utilities for the month of May, $1,000. The firm plans to make the payment for these on June 10th (due date).
Homework Answers
Income statement
| Sales revenue | 50000 | |
| Less: Expense | ||
| Cost of goods sold | 20000 | |
| Rent expense (6000/2) | 3000 | |
| Salaries expense | 2000 | |
| Utilities | 1000 | |
| Total expense | 26000 | |
| Net income | 24000 | |
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