题目

MCD1010 - T3 - 2024 Solar Unit - Income Statement.

多项填空题

Question textSOLAR UNITS sell solar energy supplies. The business prepares reports annually on 30 June. TRIAL BALANCE AS AT 30 JUNE [table] | DEBIT | CREDIT | $ | $ Bank | 17,200 | Capital | | 436,960 Accounts Payable | | 40,600 Drawings | 62,800 | | | Premises | 409,700 | Stock of Stationery | 1,675 | Accounts Receivable | 34,500 | Sales Returns and Allowances | 8,700 | Salaries Payable | | 5,400 Sales | | 281,730 Discount Income | | 4,000 Cost of Sales | 132,280 | Loan ABC Bank – payable $7,500 per year | | 67,500 Inventory | 42,250 | Salaries Expense | 69,000 | Discount Expense | 4,200 | Stationery Expense | 2,785 | Depreciation Expense | 8,400 | Miscellaneous Expenses | 31,500 | Delivery Truck | 28,000 | Accumulated Depreciation of Delivery Truck | | 16,800 | 852,990 | 852,990 [/table] REQUIRED: Prepare an Income Statement for SOLAR UNITS for the period ended 30 June. (NOTE: Please record all operating expenses according to the trial balance order and do not use “$” and “,” when typing the dollar amount). SOLAR UNITS INCOME STATEMENT FOR THE PERIOD ENDED 30 JUNE [table] | ($) | ($) Income: | | Answer 1 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 2 Question 1 | Less Answer 3 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 4 Question 1 | Answer 5 Question 1 Net SalesGross ProfitNet Profit | | Answer 6 Question 1 Less Answer 7 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | | Answer 8 Question 1 Answer 9 Question 1 Net SalesGross ProfitNet Profit | | Answer 10 Question 1 Add: Discount Income | | Answer 11 Question 1 | | Answer 12 Question 1 Less Operating Expenses: | | Answer 13 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 14 Question 1 | Answer 15 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 16 Question 1 | Answer 17 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 18 Question 1 | Answer 19 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 20 Question 1 | Answer 21 Question 1 BankCapitalAccounts PayableDrawingsPremisesStock of StationaryAccounts ReceivableSales Return & AllowancesSalary PayableSalesDiscount IncomeCost of SalesLoan from ABC BankInventorySalary ExpenseDiscount ExpensesStationary ExpenseDepreciation ExpenseMiscellaneous ExpensesDelivery TruckAccumulated Depreciation of Delivery Truck | Answer 22 Question 1 | Total Expenses | | Answer 23 Question 1 Answer 24 Question 1 Net SalesGross ProfitNet Profit | | Answer 25 Question 1 | | [/table]

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The task is to prepare an Income Statement from the trial balance for Solar Units and to fill in the blanks in the provided format. We will evaluate each proposed entry in turn, explaining why it is or isn’t appropriate in the sequence of an income statement. Option 1 (281730): This value appears to correspond to Sales as reported in the trial balance. However, in an income statement you must present Net Sales, which is Sales less Sales Returns and Allowances. Since Sales Returns and Allowances amount to 8,700, Net Sales should be 281,730 − 8,700 = 273,030. Therefore, using 281,730 here would be incorrect for Net Sales. Option 2 (8700): This number matches the Sales Returns and Allowances amount from the trial balance. It cannot be the Net Sales or any revenue figure on the income statement, because Sales Returns and Allowances are deductions from Sales, not a line item by itself on the revenue total. If used alone, it misplaces a deduction as a gross line, which is not correct formatting for the revenue section. Option 3 (273030): This value equals Net Sales (Sales 281,730 minus Sales Returns and Allowances 8,700). Using 273,030 for Net Sales is correct in the revenue section. It correctly reflects sales after returns and allowances are accounted for, which then feeds into Gross Profit when Cost of Sal......Login to view full explanation