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Prepare an Income Statement as of December 31, 2011 for the Jones Company from the tol8l Incoma Starement Depreciation Cash L-T Debt Sales Accounts Payable General& Administrative Expense Plant & Equipment Notes Payable Accounts Receivable S 66,000 225,000 334,000 573,000 102,000 79,000 895,000 75,000 153,000 4,750 60,900 289,000 297,000 99,300 50,500 263,000 262,900 JInterest Expense VAccrued Expense Cost of Goods Sold Accumulated Depreciation Common Stock Inventory Taxes Retained EarningsChange in Notes Payable Change in L-T Liabilities Change in Common Stock Dividends Paid Change in Fixed Assets Change in Accounts Receivable Change in Inventory Change in Aecounts Chamge in Accruals Change in Net Income ange in Accumulated Depreciation Payable Total CFs from Operating Activities Total CFs from Investing Activities S Total CFs from Financing Activities S Net Change in Cash& Marketable Securities is s This value is the sum of the above totals and should be reconciled with the sum of the change in cash and marketable securities Should be reco Sources and Uses Statement.) marketable securities found on the

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Answer #1

Solution:

Jones Company
Income Statement
For the year ended December 31, 2011
Particulars Amount
Sales $573,000.00
Cost of goods sold $297,000.00
Gross Profit $276,000.00
Operating expenses:
Depreciation $66,000.00
General and administrative expenses $79,000.00
Earning before interest and taxes $131,000.00
Interest expense $4,750.00
Earning before taxes $126,250.00
Income tax expense $50,500.00
Net Income $75,750.00

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