1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year EndedDecember 31, 2019 given the following information. Write your answers for the following questions.- How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)?- How much is the Earnings Before Taxes (EBT)?- How much is the Net Income/Earnings After Tax?Sales1,500,000.007,000.00450,000.00Depreciation Expense Store EquipmentSalesmen Salaries and CommissionSSS Premium Expense SalesmenPhilhealth Premium Expense SalesmenHDMF Premium Expense SalesmenSSS Premium Expense Admin OfficePhilhealth Premium Expense Admin OfficeHDMF Premium Expense Admin OfficeFinished Goods Inventory BeginningInterest ExpenseBad Debts ExpenseDepreciation Office EquipmentRent Expense StoreLight, power, utilities expense StoreOffice and Officers SalaryCost of Goods ManufacturedFinished Goods Inventory EndRent Administrative OfficeOffice Supplies UsedLight, power, utilities expense Admin OfficeAdvertisingFreight Out1,350.00900.00450.001,200.00800.00400.0019,250.00200,000.0012,200.0012,000.007,500.001,875.00400,000.00276,118.0014,250.007,500.003,000.001,875.0015,000.0012,000.00

Earnings before interest and tax refer to the revenue after deducting all the expenses relating to…

Answered: Income Statement

Business

Accounting

Income Statement

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter1: Accounting As A Form Of Communication

Section: Chapter Questions

Problem 1.10E: Net Income (or Loss) and Retained Earnings The following information is available from the records...

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Question

1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended
December 31, 2019 given the following information. Write your answers for the following questions.
- How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)?
- How much is the Earnings Before Taxes (EBT)?
- How much is the Net Income/Earnings After Tax?
Sales
1,500,000.00
7,000.00
450,000.00
Depreciation Expense Store Equipment
Salesmen Salaries and Commission
SSS Premium Expense Salesmen
Philhealth Premium Expense Salesmen
HDMF Premium Expense Salesmen
SSS Premium Expense Admin Office
Philhealth Premium Expense Admin Office
HDMF Premium Expense Admin Office
Finished Goods Inventory Beginning
Interest Expense
Bad Debts Expense
Depreciation Office Equipment
Rent Expense Store
Light, power, utilities expense Store
Office and Officers Salary
Cost of Goods Manufactured
Finished Goods Inventory End
Rent Administrative Office
Office Supplies Used
Light, power, utilities expense Admin Office
Advertising
Freight Out
1,350.00
900.00
450.00
1,200.00
800.00
400.00
19,250.00
200,000.00
12,200.00
12,000.00
7,500.00
1,875.00
400,000.00
276,118.00
14,250.00
7,500.00
3,000.00
1,875.00
15,000.00
12,000.00

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