Question

Prepare a mulit-step income statement, balance sheet, and statement of owner's equity. I can't figure out the income statement but I believe I can get the other two!

Yoder's Cool Stuff Worksheet For the month ended 12/31/13 Balance Income Adjusted Sheet Trial Balance Adjustments Trial Balance Credit Debit Debit Credit Debit Credit Credit Credit Debit Debit 37 Account Name 37 37 sh Receivable a 2000 4000 Merchandise Inven 60 175 Supplies Prepaid Insurance 175 25 Equipment f 1000 A/Depr-Equipment 18 Payable 50 Wages Payable PY,Capital PY, Drawing 2000 b 4000 a 2000 Income Summar 1265 1265 1265 Sales Sales Returns & Allowances Purchases 50 65 Wages Expense Rent Expense 60 Supplies Expense Telephone Expense 25 Insurance Expense 1000 Depreciation Expense 925 13365 1665 25 12535 25 713 713 20850 20850 411 Totals 411 Net Income 1336 13365 16650 166 Totals Note: Beginning Inve 2,000 Ending Inve 4,000

Answer 1

Yoder's Cool Stuff Income Statement for Month Ended 31 Dec, 2013 Revenues Sales 12,650 Sales returns & allowances 500 Net Sales 12,150 Cost of goods sold Merchandise Inventory (Beginning) 2,000 Purchases 8,000 Cost of goods available for sale 10,000 Merchandise Inventory (Ending) 4,000 Cost of goods sold 6,000 Gross profit 6,150 Operating expenses Wages expense 700 Rent expense 200 Supplies expense 60 Telephone expense 50 Insurance expense 25 Depreciation expense 1,000 2,035 Total Operating expenses 4,115 Net Income