Solve accounting income statement question in single step with given details..
The following are information for the Lotu Wo Company:
Net Sales 560,000
Interest Revenue 600
Cost of Goods Sold 366,000
Administrative Expenses 12,000
Selling Expenses 18,000
Interest Expense 2,000
Income Tax Expense 50,000
Based on the above, prepare a Single-Step Income Statement for the Lotu Wo Company.
Answer :
Lotu Wo Company
Single-Step Income Statement
Particulars Amount in mce_markernbsp;
Revenue:
Net Sales 560,000
Interest Revenue 600
Total revenue 560,600
Expenses:
Cost of Goods Sold 366,000
Administrative Expenses 12,000
Selling Expenses 18,000
Interest Expense 2,000
398,000
Income before taxes 162,600
Income Tax Expense 50,000
Net income 112,600