Income Statement Exercises - Ms. Morgan's Business Classes



Income Statement Exercises

✓ Produce each of the following in one excel spreadsheet

✓ Rename the spreadsheet with the name of the owner and the type of statement

✓ It is possible that you will have to produce a balance sheet and income statement for each owner

1. James Fare is the owner of Mayfair Plumbing. Below is a list of his revenue and expenses. Produce his income statement for the year ended December 31, 20--.

|Revenue |Expenses |

|Sales |$ 58,600.00 |Advertising |$ 1,150.50 |

|Service |$ 107,416.00 |Bank Charges |$ 1,750.00 |

| | |Car Expense |$ 4,296.00 |

| | |Gas and Oil Expense |$ 4,935.25 |

| | |Utilities |$ 4,975.12 |

| | |Miscellaneous Expense |$ 257.00 |

| | |Telephone Expense |$ 1,200.00 |

2. Emily Stokaluk is the owner of Stokaluk Enterprises. She has provided you with a list of all her accounts. She needs you to produce the financial statements for her at year end. The end of her fiscal period was July 31, 20--.

|Bank |$10,100 |Accounts Receivable |$8,300 |

|Land |$35,000 |Building |$110,000 |

|Automobiles |$24,000 |Accounts Payable |$2,800 |

|Mortgage Payable |$75,000 |Interest Earned |$2,500 |

|Revenue Earned |$132,500 |Building Maintenance Expense |$420 |

|Bank Charges Expense |$350 |Miscellaneous Expense |$128 |

|Utilities Expense |$1,640 |Supplies |$950 |

|Wages Expense |$41,650 |Equipment |$22,000 |

|Bank Loan |$10,000 |Gas and Oil Expense |$1,800 |

|Advertising Expense |$1,200 |Car Repair Expense |$850 |

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