Simple Accounting Income Statement

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Problem 2.4 Prepare a multi-step income statement for the Appully Company (a clothing retailer) for the year ending December 31, 2003 given the information below: Advertising expenditures Beginning inventory Depreciation Ending inventory Gross Sales Interest expense Lease payments Management salaries Materials purchases R D expenditures Repairs and maintenance costs Returns and allowances Taxes 68,000 256,000 78,000 248,000 3,210,000 64,000 52,000 240,000 2,425,000 35,000 22,000 48,000 51,000 Answer: Income Statement The Appully Company For the 12 month period Ending December 31, 2003 Net sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation Operating profit Interest expense Earnings before taxes Taxes Net income 3,162,000 2,433,000 729,000 417,000 78,000 234,000 64,000 170,000 51,000 119,000 2.2 The Balance Sheet The balance sheet is a summary statement of what a company owns (or is owed) and what a company owes (or what others own) at a specific point in time.. Under these circumstances, what did Boswell report as Net sales and Net accounts receivable on its 1999 through 2003 income statements and balance sheets Answer: Year 1999 2000 2001 2002 2003 Actual Bad Debt 50,000 150,000 225,000 75,000 250,000 Reported Net Sales 950,000 1,850,000 2,775,000 3,925,000 4,750,000 Reported Net Accounts Receivable 117,000 183,000 275,000 592,000 583,000 If you compare the answers to problem 2.6a and 2.6b, you should notice that reported net sales and reported net accounts receivable are less volatile through the five year period when Boswell uses an estimated allowance for doubtful accounts (i.e., 5 percent of annual sales) as opposed to merely reporting sales and accounts receivable net of actual bad debt.. Using this information, fill in the table below: The Bunker Company Equity Section of Balance Sheet For the Years Ending December 31, 2001, 2002 and 2003 2002 2003 2004 Common stock ( 2.00 par value)

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