In its income statement for the year ended December 31, 2017, Sheridan Company r

Question

In its income statement for the year ended December 31, 2017, Sheridan Company reported the following condensed data. Loss on disposal of plant Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $158,650 4,199,000 47,500 304,000 209,000 $883,500 1,875,300 Sales revenue 134,900 123,500 589,000 Income tax expense Sales discounts Utilities expense Prepare a multiple-step income statement. (List other revenues before other expenses.) SHERIDAN COMPANY Income Statement

Explanation / Answer

Solution - Income statement

SHERIDAN COMPANY

Income Statement

For the year ended December 31, 2017

Particulars Sales $4199000 Less : Sales discount $304000 Net Sales $3895000 Cost of goods sold (COGS) $1875300 Gross Profit $2019700 Operating Expenses Salary and wages expenses $883500 Utility expenses $209000 Depreciation expenses $589000 Total Operating expenses (A) $1681500 Income from operations $338200 Other revenue and gains: Interest revenue $123500 Other expenses and losses Interest expenses $134900 Loss on disposal of plant $158650 Total Non operating expenses $293550 Income before income tax $168150 Income tax expenses $47500 Net Income $120650

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.