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Income Statement
For the Year Ended December 31, 200…
211 | Revenues
Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME
| $198,267
5,300
| $478,293
3,079
1,200
| $474,014
190,755
| | Revenues
Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME$198,267
5,300 $ 10,473 | 192,967
$203,440
12,685
$474,014
190,755 |
Revenues Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME $101,700 | 18,075
24,016
10,170
31,142
7,418
11,697
4,068
8,700
13,245
$ 3,916
1,354
$ 10,473
192,967
$203,440
12,685$474,014
190,755 |
Revenues Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME$101,700
18,075
24,016
10,170
31,142
7,418
11,697
4,068
8,700
13,245
$ 3,916
1,354
300 $230,631 | 5,570
$474,014
190,755 |
Revenues Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME$101,700
18,075
24,016
10,170
31,142
7,418
11,697
4,068
8,700
13,245
$ 3,916
1,354
300$230,631
5,570 $283,259 | 236,201
$ 47,058
3,764
$ 43,294
6,494
$ 36,800
| Revenues
Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME$101,700
18,075
24,016
10,170
31,142
7,418
11,697
4,068
8,700
13,245
$ 3,916
1,354
300 $ 4750 | (986)
$283,259
236,201
$ 47,058
3,764
$ 43,294
6,494
$ 36,800 |
Revenues Gross sales
Less: Returns and allowances
Less: Discounts
NET SALES
Cost of Goods Sold
Beginning inventory
Purchases for the year
Less: Purchase discounts
Net purchases
Cost of goods available for sale
Less: Ending inventory
COST OF GOODS SOLD
Gross Profit
Operating Expenses
Selling expenses
Wages
Advertising
Store supplies
Payroll taxes
Rent
Repairs and maintenance
Auto and truck
Insurance
Utilities
Depreciation and amortization
Miscellaneous
TOTAL SELLING EXPENSES
General expenses
Professional services
Office supplies
Miscellaneous
TOTAL GENERAL EXPENSES
TOTAL OPERATING EXPENSES
OPERATING INCOME
Other Income and Expenses
Interest expense
Interest income
TOTAL INCOME AND EXPENSES
INCOME BEFORE TAXES
INCOME TAXES
NET INCOME$101,700
18,075
24,016
10,170
31,142
7,418
11,697
4,068
8,700
13,245
$ 3,916
1,354
300 |
$283,259
236,201
$ 47,058
3,764
$ 43,294
6,494
$ 36,800 |
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2. Answer the following questions on the text and figures.
1. Whose duty is it to prepare financial statements? 2. What state-
ments are the most important? 3. Why is the balance sheet referred to
as “a snapshot” of a company’s financial position? 4. Why is this state-
ment called ‘a balance’? 5. How often is the balance sheet commonly
prepared? 6. Study Figure 1 and say: 6.1. What are the main sections on
a balance sheet? 6.2. What do current assets include? 6.3. What entries
are listed under “intangible assets”? 6.4. What belongs to “current li-
abilities”? 7. Why is the income statement known as “a movie”? 8. What
indicators are summarized in the income statement? 9. Examine Figure
2 and say: 9.1.What do operating expenses include? 9.2. What did total
selling expenses amount to? 9.3. What does the bottom line on this state-
ment show?
Text 4
1. Before you read the text discuss with your partner what you know
about auditing and try to guess why this activity is named “auditing”.
2. Read the text and check if your guess was correct.
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