Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 574

Financial Statements

Chapter 18

A to Z Auto Parts

Income Statement

For Year Ended December 31, 20XX

Comprehensive Financial Statement Problems 18.3.4 (cont’d)

Student Assignment

%OF NET

SALES

Revenue:

Sales

Less: Sales Returns & Allowances

Net Sales

Cost of Merchandise Sold:

Merchandise Inventory, Jan. 1, 20XX

Purchases

Total Cost of Merchandise Available for Sale

Less Merchandise Inventory, Dec. 31, 20XX

Cost of Merchandise Sold

Gross Profit on Sales

Expenses:

Advertising Expense

Credit Card Fee Expense

Insurance Expense

Miscellaneous Expense

Rent Expense

Supplies Expense - Office

Supplies Expense - Store

Utilities Expense

Total Expenses

Net Income