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  • LCo Income Statement 1990

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    Anzelmo Bino
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    Lakeside Company reported net sales of $3.59 million for the first nine months of 1990 with a gross profit of $1.32 million after deducting cost of goods sold of $2.26 million. However, after accounting for total operating expenses of $1.12 million and interest expense of $81,200, Lakeside Company reported a net loss of $10,500 for the period.

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    Lakeside company income statement

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    Lakeside Company reported net sales of $3.59 million for the first nine months of 1990 with a gross profit of $1.32 million after deducting cost of goods sold of $2.26 million. However, after accounting for total operating expenses of $1.12 million and interest expense of $81,200, Lakeside Company reported a net loss of $10,500 for the period.

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    © All Rights Reserved
    Flag for inappropriate content
    23 views1 page

    LCo Income Statement 1990

    Uploaded by

    Anzelmo Bino
    Lakeside Company reported net sales of $3.59 million for the first nine months of 1990 with a gross profit of $1.32 million after deducting cost of goods sold of $2.26 million. However, after accounting for total operating expenses of $1.12 million and interest expense of $81,200, Lakeside Company reported a net loss of $10,500 for the period.

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    © All Rights Reserved
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    Lakeside Company

    Statement of Comprehensive Income


    January 1 to September 31,1990

    Sales 3,859,000
    Sales Returns and Discounts -271,700
    Net Sales 3,587,300
    Cost of Goods Sold -2,262,800
    Gross Profit 1,324,500
    Salaries, Commissions Bonuses -403,400
    Advertising and Selling Expenses -477,900
    Rent Expense -116,900
    Depreciation Expense -37,900
    Other General and Administrative Expense -142,700
    Interest Expense -81,200
    Income (Loss) Before Income Taxes 64,500
    Income Taxes 75,000
    Net Income (Loss) -10,500
    Retained Earnings, January 1, 1990 257,000
    Dividends -48,700
    Retained Earnings, September 30,1990 197,800

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