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    zin Guevarra
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    The Igloso Store income statement for the year ended December 31, 2016 shows total merchandise sales of $500,000 with cost of goods sold of $2,100,000, resulting in gross income of $375,000. Total expenses for the year were $180,698.33, including depreciation, insurance, utilities, and doubtful accounts. This led to income before tax of $194,301.67 and net income of $182,301.67 after paying income tax of $12,000.

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    The Igloso Store income statement for the year ended December 31, 2016 shows total merchandise sales of $500,000 with cost of goods sold of $2,100,000, resulting in gross income of $375,000. Total expenses for the year were $180,698.33, including depreciation, insurance, utilities, and doubtful accounts. This led to income before tax of $194,301.67 and net income of $182,301.67 after paying income tax of $12,000.

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    © All Rights Reserved
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    24 views1 page

    Income Statement

    Uploaded by

    zin Guevarra
    The Igloso Store income statement for the year ended December 31, 2016 shows total merchandise sales of $500,000 with cost of goods sold of $2,100,000, resulting in gross income of $375,000. Total expenses for the year were $180,698.33, including depreciation, insurance, utilities, and doubtful accounts. This led to income before tax of $194,301.67 and net income of $182,301.67 after paying income tax of $12,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Igloso Store

    Income Statement
    For the Year Ended December 31, 2016

    Merchandise Sales 500 000


    Cost of Goods Sold (2 100 000)
    Gross Income 375 000
    Expenses:
    Depreciation Expense 78 198.33
    Insurance Expense 5 000
    Utility Expense 15 000
    Doubtful accounts 82 500 (180 698.33)
    Income before tax 194 301.67
    Income tax expense (12 000.00)
    Net Income 182, 301.67

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