ACCT 110 Lecture Notes - Lecture 22: Santa Barbara City College, Net Income, Income Statement
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Document Summary
Depreciation and interst expense falls under operating. Only other revenues and expenses that are not part of normal operations are included in the non-operating section. On income statement, the entity must show the amount of gain or loss on disposal as well as the earnings or loss from discontinued operations. Aspe, net income has continuing and discontinued operations (discontinued shown net of tax) Under ifrs, the statement of comprehensive income is shown either: In a single combined statement including revenues, expenses, gains, losses, net income, other comprehensive income and comprehensive income, or. In two separate statements showing the traditional income statement in one and a second statement beginning with net income and displaying the components of other comprehensive income, as well as comprehensive income. For comprehensive income, must differentiate between items that may be recycled/reclassified to profit and those that aren"t. Must also shown those attributable to shareholders and those from non-controlling interest.
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Need help completing an income statement!
Trial Balance:
Acc. # | Account Name | Debits | Credits |
100 | Cash | $ 66,000 | |
110 | Accounts receivable | 160,000 | |
115 | Allowance for doubtful accounts | $ 7,000 | |
120 | Inventory | 50,000 | |
135 | Prepaid insurance | 24,750 | |
136 | Prepaid advertising | 6,000 | |
150 | Land | 235,000 | |
160 | Building | 240,000 | |
165 | Accumulated depreciation - building | 61,500 | |
170 | Equipment | 150,000 | |
175 | Accumulated depreciation - equipment | 53,750 | |
190 | Notes receivable | 155,000 | |
195 | Interest receivable | 8,590 | |
200 | Accounts payable | 135,000 | |
215 | Interest payable | 11,000 | |
219 | Income tax payable | 12,477 | |
230 | Accrued liabilities | 42,000 | |
240 | Unearned revenue | 27,500 | |
250 | Notes payable - current portion | 20,000 | |
255 | Notes payable - long-term portion | 80,000 | |
270 | Bonds payable | 100,000 | |
300 | Common stock | 500,000 | |
310 | Retained earnings | 21,000 | |
350 | Dividends | 5,000 | |
400 | Sales | 1,337,250 | |
450 | Interest revenue | 94,590 | |
500 | Cost of goods sold | 616,000 | |
510 | Administrative and general expenses | 97,000 | |
515 | Insurance expense | 2,250 | |
520 | Selling expenses | 188,000 | |
531 | Depreciation expense - building | 7,500 | |
532 | Depreciation expense - equipment | 12,500 | |
550 | Interest expense | 71,000 | |
599 | Income tax expense | 12,477 | |
600 | Loss on sale of equipment | 60,000 | |
910 | Loss from operation of discontinued | 75,000 | |
segment ofbusiness | |||
915 | Loss from disposal of discontinued | 261,000 | |
segment ofbusiness | |||
$ 2,503,067 | $ 2,503,067 |
Income statement: (I've put in some of the numbers butI'm kinda lost with the operating expenses)
Sales | $ 1,337,250 | |
Cost of goods sold | 616,000 | |
Gross Profit | 721,250 | |
Operating expenses | ||
Selling expenses | 188,000 | |
Administrative and generalexpenses | ||
Total operating expenses | ||
Operating Income | ||
Other revenue | ||
Interest Revenue | 94,590 | |
Other expense and loss | ||
Interest expense | ||
Total other expense andloss | ||
Income from continuingoperations before income tax | ||
Income tax expense | 113,277 | |
Income from continuingoperations | 264,313 | |
Discontinued operations: | ||
Loss fromoperations of discontinued segment, net of | ||
income tax benefit | ||
Loss from disposalof discontinued segment, net of | ||
income tax benefit | ||
Total loss from discontinuedoperations | ||
* = Line-item is a subtotal,not an account | ||
EPS: | ||