Sample Company Income Statement (Service) For the Year ...

Sample Company

Income Statement (Service)

For the Year Ended September 30, 2021

Service revenue

$2,750

Operating Expenses: Depreciation expense Wages expenses Supplies expenses

Total operating expenses

100 1,200

60

1,360

Operating Income

1,390

Other Item: Interest expense

Pretax income

40 1,350

Income tax expense Net income

405 $945

Sample Company

Statement of Retained Earnings

For the Year Ended September 30, 2021

Balance, October 1, 2020 Net income Dividends declared

Balance, September 30, 2021

Retained Earnings $ 820 945 (500)

$1,265

Sample Company

Income Statement (Product)

For the Year Ended September 30, 2021

Sales revenue Cost of Goods Sold

Gross Profit

Operating Expenses: Depreciation expense Wages expenses Supplies expenses

Total operating expenses

Operating Income

Other Item: Interest expense

Pretax income

Income tax expense Net income

100 1,200

60

40 405

$6,875 ( 4,125) $2,750

1,360 1,390

1,350 $945

Sample Company

Statement of Retained Earnings

For the Year Ended September 30, 2021

Balance, October 1, 2020 Net income Dividends declared

Balance, September 30, 2021

Retained Earnings $ 820 945 (500)

$1,265

Sample Company

Balance Sheet

September 30, 2021

Assets Current Assets:

Cash Accounts receivable Supplies Total current assets

$ 1,550 770 40

2,360

Liabilities and Stockholders' Equity

Current Liabilities:

Accounts payable

$60

Interest payable

80

Wages payable

100

Income taxes payable

405

Utilities payable

250

Total Current Liabilities

895

Equipment Less: Accumulated deprec.

12,000 (1,300) 10,700

Total assets

$13,060

Long-term Notes Payable

Owners' Equity: Owners' capital Retained earnings Total equity

Total liabilities and owners' equity

8,000

2,900 1,265 4,165 $13,060

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