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I have to prepare a traditional income statement need to know the steps

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Information I have

Num of units sold 11000

Selling price per unit 16

Variable selling expense per unit 1

Var adm exp p un 0.5

Total fixed selling exp 20,000

Tot fixed admin exp 13,000

Begin merchadise inv. 11,000

End merch inv 25,000

Merchadise pur 90,000

Aug 30th, 2014

The income statement is one of the three primary financial statements used to assess a company‚Äôs performance and financial position (after balance sheet and the cash flow statement). The income statement sorts the revenues and expenses accomplished by the company over the entire reporting period.

The basic outline is shown in the following example:

Total Revenue  $100,000 

Cost of Goods Sold ($ 20,000)Gross Profit    $ 80,000

Operating Expenses 
 Salaries  $10,000 
 Rent  $10,000
 Utilities  $  5,000
 Depreciation $  5,000
Total Operating Expenses ($ 30,000)Operating Profit (EBIT) $ 50,000

Interest Expense ($ 10,000)
Earnings before tax (EBT) $ 40,000

Taxes ($ 10,000)Net Income  $ 30,000

Number of Shares Outstanding  30,000

Earnings Per Share (EPS) $1.00

Note  This is sample Income statement of xyz company . You can use this sample to implement your required company income statement. 

Aug 30th, 2014

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