Presented below is information for Cullumber Company for the month of January 20

Question

Presented below is information for Cullumber Company for the month of January 2017. 201,500 Rent expense Cost of goods sold Freight-out Insurance expense Salaries and wages expense Income tax expense 6,300 Sales discounts 13,400 Sales returns and allowances 61,200 Sales revenue $33,900 10,000 17,000 400,000 4,400 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multi-step format. CULLUMBER COMPANY 6.3 revie...001.pdf 2017-10...1.21 PM 2017-09...1.58 PM 8 PM 8

Explanation / Answer

Income Statement of Cullumber Company for the month end January 2017

Sales Revenue :

Total Sales : 400000

Less: Sales returns : 17000

Sales Discount: 10000

Net sales Revenue: 373000

Less: Cost of Goods Sold: 201500

Gross Profit: 171500

Operating Expenses

Selling Expenses

Fright out: 6300

Admin Expenses

Salaries : 61200

Insurance: 13400

Rent: 33900

Income tax: 4400

Total Operating Expenses: 119200

Operating Income: 52300

Other Comprehensive Income: 2000

Net Income: 54300

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