Question

Hello, can someone do this Income Statement for me?

Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Cash Petty Cash Fund Accounts Receivable Merchandise Inventory, 5/1/16 Store Supplies Office Supplies Prepaid Insurance Deblt Credit $337,100 5,000 24,200 57,500 11,700 3,500 37,000 32,800 Forklift Forklift $800 Delivery Truck Accumulated Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings Sales Revenue Sales Discounts 157,000 1,500 62,600 1,800 122,900 401,750 4,500 259,600 624 Assignment Open Assignment Sales Returns and Allowances 4,800 133,000 Purchases 3,524 7,200 Purchases Discounts Purchases Returns and Allowances Freight-in Salaries Expense Utilities Expense Repair Supplies Expense Postage Expense Rent Expense Depreciation Expense, Delivery Truck Depreciation Expense, Forklift Office Supplies Expense Insurance Expense Cash Short &Over Interest Expense Interest Revenue Totals 1,800 33,400 8,200 960 390 16,000 750 800 1,200 292 150 3,300 4,500 $879,174 $879,174 Ending Merchandise Inventory $62,000. are the Multi-Step Incom Nicholas Company Income Stat For the Month Ended May 31, 2016 Assignment Assignment Open Assignment Return to Blackboard WileyPLUSgane, hecoaor nstauion, Custem wierrustyCclege Weygandt, Accounting Principl Help I System Announcements urse for Bronx Community Assignment> Open Assignment k on the hyperilinks below): Before moving onto the next section, please do the following (for screen

Answer 1

Nicholas Company

Income Statement

For the Month Ended May 31,2016

Accounts	Amount	Amount
Revenue:-
Sales Revenue	$259,600
Less:- Sales Discounts	(624)
Less:- Sales Returns and Allowances	(4,800)
Net Sales		$254,176
Cost of Goods Sold:-
Merchandise Inventory 5/1/16	57,500
Add:- Purchases	133,000
Less:- Purchase Discounts	(3,524)
Less:- Purchases Returns and Allowances	(7,200)
Add:- Freight in	1,800
Good Available for Sales	$181,576
Less:- Ending Merchandise Inventory	(62,000)
Cost of Goods Sold		$(119,576)
Gross Profit		$134,600
Operating Expenses:-
Salaries Expenses	33,400
Utilities Expenses	8,200
Repair Supplies Expenses	960
Postage Expenses	390
Rent Expenses	16,000
Depreciation Expenses, Delivery Truck	750
Depreciation Expenses, Forklift	800
Office Supplies Expenses	1,200
Insurance Expenses	292
Cash Short & over	150
Total Operating Expenses		$(62,142)
Operating Income		$72,458
Non Operating and Others:-
Interest Expenses	(3,300)
Interest Revenue	4,500
Total Non Operating and Others		$1,200
Net Income		$73,658