Complete a Income statement worksheet using the data provided in the pictures. Step #1- Complete the Income Statement heading.Download the Income Statement and create a heading for Ted's Beds for the year ended December 31, 20XX.Step #2-Complete the revenue section.Complete the revenue section of the income statement using the data below.AccountAmountSales$456,000.00Sales Discount$575.00Sales Retums and Allawances$3,200.00Step #3-Complete the cost of merchandise sold section and find gross profit on sales.Complete the cost of merchandise sold section and find gross profit an sales using the data below. Remember that youmust compute to find Net Purchases, Total Cost of Merchandise Available for Sale. Cast af Merchandise Sold, and GrassProfit on Sales.AccountAmountMerchandise Inventory, January 1, 20XX$176,000.00Purchases$220,000.00Purchases Discount$1,300.00Purchases Retums and Allowances$2,000.00Merchandise Inventory. December 31, 20XX $165,000.00Step #4-Complete the expenses section and find net income or net loss.Income Statement file complete the expenses section and find net income or net loss using the data below.AccountAmountAdvertising Expense$4,000.00Cash Short and Over$1.00Credit Card Fee Expense$5,000.00Depreciation Expense-Office Equipment$2,000.00Depreciation Expense-Store Equipment$3,000.00 Insurance Expense$3,500.00Miscellaneous ExpenseS800.00Payrall Taxes Expense$a,000.00Rent Expense$12,000.00Salary Expense$85,000.00Supplies Expense-Office$2,300.00Supplies Expense-Store$3,200.00Uncollectible Accounts Expense$1,300.00Utilities Expense$4,000.00Step #5-Complete the income statement and find net income after federal income tax.Complete the income statement using the data below.AccountAmountFederal Income Tax Expense $22.000.00Step #6-Complete the % of Net SalesFinally, complete the % af Net Sales column by calculating the component percentages for Cost of Merchandise Sold,Gross Profit on Sales, Total Expenses and Net Income after Federal Income Tax.Component percentages are calculated by taking the specific income statement item and dividing that amaunt by theamount for net sales.Congratulations, you're done!Before you submit:"Did you complete all of the sections?"Did you find net sales?"Did you calculate cost of merchandise sold?"Did you find gross profit an sales?"Did you find net income before federal income tax?"Did you complete your component percentages in the % of Net Sales column?If you can answer yes to these questions then you are at the right place to submit your work for credit.

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Description: Complete a Income statement worksheet using the data provided in the pictures. Step #1- Complete the Income Statement heading.Download the Income Statement and create a heading for Ted's Beds for the year ended December 31, 20XX.Step #2-Complete the

Income Statement: An income statement, also known as a statement of profit and loss, is one of the…

Answered: Complete a Income statement worksheet…

Business

Accounting

Complete a Income statement worksheet using the data provided in the pictures

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section7.1: Preparing An Income Statement

Problem 1OYO

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