22 April, 11:55
Made cash sales of $49,000 (example).
Purchased $3,000 of additional supplies on account.
Borrowed $58,000 on long-term notes.
Purchased $18,600 in additional equipment, paying in cash.
Incurred $27,000 in selling expenses, paying two-thirds in cash and owing the rest on account.
Paid $4,700 in rent for this month, and also paid $4,700 for next month.
what is the preliminary net income of this statement
22 April, 13:42
Cash Sales 49,000
Selling Expense (27,000)
Current Rent (4,700)
Net Income 14300
long term notes are non current liability hence no impact on income statement additional equipment are fixed asset so its a balance sheet item next month rent is prepaid expense which is current asset
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» Made cash sales of $49,000 (example). Purchased $3,000 of additional supplies on account. Borrowed $58,000 on long-term notes. Purchased $18,600 in additional equipment, paying in cash.