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    ACCT 3061 Asignación Cap 4 y 5

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    gpm-81
    The single-step income statement provides revenues, expenses, income before tax, income tax, and net income for P. Bride Company for the year ended December 31, 2017 in a concise format. Total revenues were $113,730, total expenses were $88,440, income before tax was $25,290, income tax was $9,070, and net income was $16,220. Earnings per share were $0.40.

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    ACCT 3061 Asignación Cap 4 y 5

    Uploaded by

    gpm-81
    29 views4 pages
    The single-step income statement provides revenues, expenses, income before tax, income tax, and net income for P. Bride Company for the year ended December 31, 2017 in a concise format. Total revenues were $113,730, total expenses were $88,440, income before tax was $25,290, income tax was $9,070, and net income was $16,220. Earnings per share were $0.40.

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    The single-step income statement provides revenues, expenses, income before tax, income tax, and net income for P. Bride Company for the year ended December 31, 2017 in a concise format. Total revenues were $113,730, total expenses were $88,440, income before tax was $25,290, income tax was $9,070, and net income was $16,220. Earnings per share were $0.40.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    29 views4 pages

    ACCT 3061 Asignación Cap 4 y 5

    Uploaded by

    gpm-81
    The single-step income statement provides revenues, expenses, income before tax, income tax, and net income for P. Bride Company for the year ended December 31, 2017 in a concise format. Total revenues were $113,730, total expenses were $88,440, income before tax was $25,290, income tax was $9,070, and net income was $16,220. Earnings per share were $0.40.

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    © All Rights Reserved
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    You are on page 1of 4

    A) Multiple-Step Form

    P. Bride Company
    Income Statement
    For Year Ended December 31, 2017

    Sales Revenue $96,500


    Cost of goods sold 60,570
    Gross profit 35,930

    Operating Expenses
    Selling expenses
    Delivery expenses $2,690
    Sales Commisions 7,980
    Depreciation of sales equip. 6,480 17,150

    Administrative Expenses
    Office salaries $4,900
    Depreciation of offife furniture
    and equipment 3,960 8,860 26,010
    Income from operations 9,920

    Other Revenues and Gains


    Rent revenue 17,230
    27,150

    Other Expenses and Losses


    Interest expense 1,860

    Income before income tax 25,290


    Income tax 9,070
    $ 16,220

    Earnings per share ($16,220 / 40,550) $ 0.40

    B) Single-Step Form
    P. Bride Company
    Income Statement
    For Year Ended December 31, 2017

    Revenues
    Net sales 96,500
    Rental revenue 17,230
    Total revenue 113,730

    Expenses
    Cost of goods sold 60,570
    Selling expenses 17,150
    Administrative expenses 8,860
    Interest expense 1,860
    Total expenses 88,440

    Income before tax 25,290


    Income tax 9,070
    Total income 16,220

    Earnings per share $ 0.40

    C)
    Escogería el single-step statement porque solo incluye ingresos y gastos. Es una
    representación simple del statement y es más fácil de entender.
    P 5-2 Montoya, Inc.
    Balance Sheet
    31-Dec-17

    Assets
    Current Assets
    Cash $ 360,000
    Debt investments (trading) 121,000
    Notes receivable 445,700
    Income tax receivables 97,630
    Inventory 239,800
    Prepaid expenses 87,920
    Total current assets 1,352,050

    Property, Plant and Equipment


    Land 480,000
    Buildings 1,640,000
    Less: Accum depreciation
    buildings 270,200 1,369,800
    Equipment 1,470,000
    Less: Accum depreciation
    equipment 292,000 1,178,000 3,027,800

    Intangible Assets
    Goodwill 125,000
    Total assets $ 4,504,850

    Liability and Stakeholders' Equity


    Current Liability
    Accounts Payable $ 490,000
    Notes payable (to banks) 265,000
    Payroll taxes payable 177,591
    Income tax payable 98,362
    Rent payable (short-term) 45,000
    Total current liabilities 1,075,953

    Long-Term Liabilities
    Notes payable (long-term) 1,600,000
    Bonds payable $ 300,000
    Less: Discount on bonds
    payable 15,000 285,000
    Rent payable (long-term) 480,000 2,365,000
    Total liabilities 3,440,953

    Stockholders' Equity
    Capital stock
    Preferred stock, $10 par; 20,000
    shares authorized, 15,000
    shares issued 150,000
    Common stock, $1 par;
    400,000 shares authorized
    200,000 issued 200,000 350,000

    Retained earnings 713,897


    Total stockholders' equity 1,063,897
    Total liability and stockholders'
    equity $ 4,504,850

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