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  • Income Statement (Single and Multi-Step)

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    The income statement of AMIHAN Company for the year ended December 31, 2018 shows total revenues of $499,400 comprising of sales of $369,000, service income of $62,200 and rent revenues of $68,200. Total expenses for the year were $262,700 resulting in a net income of $236,700.

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    The income statement of AMIHAN Company for the year ended December 31, 2018 shows total revenues of $499,400 comprising of sales of $369,000, service income of $62,200 and rent revenues of $68,200. Total expenses for the year were $262,700 resulting in a net income of $236,700.

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    11 views2 pages

    Income Statement (Single and Multi-Step)

    Uploaded by

    haleimhzlabd
    The income statement of AMIHAN Company for the year ended December 31, 2018 shows total revenues of $499,400 comprising of sales of $369,000, service income of $62,200 and rent revenues of $68,200. Total expenses for the year were $262,700 resulting in a net income of $236,700.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    SINGLE-STEP

    AMIHAN Company
    Income Statement
    For the year ended December 31, 2018

    REVENUES
    Sales 369,000.00
    Service Income 62,200.00
    Rent Revenues 68,200.00
    TOTAL REVENUES 499,400.00

    EXPENSES
    Cost of goods sold 203,400.00
    Interest Expense 4,300.00
    Salaries Expense 43,000.00 OPERATING INCO
    Utilities expense 12,000.00

    TOTAL EXPENSES 262,700.00

    NET INCOME 236,700.00

    NET INCOME
    MULTIPLE-STEP

    AMIHAN Company
    Income Statement
    For the year ended December 31, 2018

    Sales 369,000.00
    Less: Cost of good sold 203,400.00
    GROSS MARGIN 165,600.00
    (SELLING AND ADMINISTRATIVE EXPENSE)

    Salaries Expense 43,000.00


    Utilities Expense 12,000.00
    TOTAL OPERATING EXPENSE 55,000.00

    OPERATING INCOME
    INCOME/EXPENSE
    Rent Revenues 68,200.00
    Service Income 62,200.00
    Interest Expense - 4,300.00
    126,100.00

    NET INCOME 236,700.00

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