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Lecture 6

BUSI 1004 Lecture 6: Lecture 6 ICP

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BUSI 1004
Shannon Butler

BUSI 1004 – Lecture 6 – Accrual Accounting ICP 3-2 continued b. Trial Balance h s a C Accounts Receivable Furniture and Fixtures P,repaid ent , 6 8 y r o t n e v n I Prepaid Insurance Wages and Salaries Expenses Rent Expenses Advertising Expenses Miscellaneous Expenses Income Tax Expense Interest Expenses Depreciation Expense Cost of Goods Sold Insurance Expense Retained Earnings n o i t a i c e r p e D d e t a l u m u c c A Accounts , ay8ble 9 k c o t S l a t i p a C Bank Loan Unearned Revenues e l b a y a P t s e r e t n I e l b a y a P s e i r a l a S , 1 2 e l b a y a P x a T e m o c n I Sales/Revenues , 1 c. Statements KP Sports Inc. Statement of Income December 31 , 2013 s e l a S 909,400 Cost of Goods Sold 439,000 n i g r a M s s o r G 470,400 Operating Expenses Depreciation 2,500 Salaries and Wages 167,500 t n e R 168,000 Insurance 2,400 Miscellaneous 23,700 Advertising 25,000 Total Operating Expenses 389,100 Operating Income 81,300 Other Expenses and Revenues Interest Expense (8,250) Net Income before taxes 73,050 Income Tax Expense
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