Spring Company Mutlestep Income Statement For the Month Ended January 31, 2018 $

Question

Spring Company Mutlestep Income Statement For the Month Ended January 31, 2018 $61,446.00 $ (601.00) $ 112.00 Sales Revenue Less: Sales returns Sales discount forfieted Net Sales Less: COGS Gross Profit Operating expense: Bad debt expense Rent expense Repair and maintence Salaries Expense Depreciation Expense Insurance Expense Office Supplies Expense Total Operating Expense Income From Operations Other Income and Expense: Loss on sale of equipment Interest expense Unrealized Loss Tulips Interest revenue Total Other Income and Expenses Income Before Tax Income tax Expense Net Income Other Comprehensive Income: AOIC Total other Comprehensive Income: Comprehensive Income $60,957.00 $40,734.00 $20,223.00 $ 113.00 $ 2,000.00 $ 400.00 $6,900.00 340.00 100.00 $ 950.00 $ 10,803.00 $ 9,420.00 (100.00) $ 594.00 $ (1,500.00) $220.00 $ (786.00) $ 8,634.00 $2,590 6,044 6,000.00 $ 6,000.00 $ 12,044

Explanation / Answer

After passing the above journal adjusted entries, temporary accounts are closed  

*Though it is expense account but in the income statement it is added in the income. (Which appears to be incorrect) so accordingly journal entry have been passed.

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Date Particular Debit ($) Credit ($) Premium on Bond 175 To cash 175 (Being premium paid in cash) Bad debt expense a/c dr. 113 To allowance for bad debts 113 (Being bad debts expense recorded) Sales return a/c dr. 307 To allowance for sales return 246 To refund liability 61 (Being sales return recorded) Insurance exp a/c dr 100 To prepaid insurance 100 (Being insurance expense recorded) Depreciation exp a/c dr 340 To accumulated depreciation 340 (Being depreciation expense recorded) Office supplies exp a/c dr To office supplies a/c (Being office supplies exp recorded) Unrealized loss a/c dr 1500 To fair value adjustment 1500 (Being asset recorded at fair value and unrealized loss recorded) Income tax exp a/c dr. 2590 To income tax payable 2590 (Being income tax expense recorded) Interest exp a/c dr. 594 To interest payable 594 (Being interest exp recorded) Interest receivable a/c dr 220 To interest revenue 220 (Being interest recorded) Cost of goods sold a/c dr 4064 estimated return inventory a/c dr. 195 To .inventory a/c 4259 (Being inventory reduced on net goods sold recorded)

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