Anderson - Kristin - Model BLDG 10

Kristin Anderson
C:\Users\Kristin\Documents\[Model Bldg 10.xlsx]Mar. Accounts

Created By:
Date Created:
Date Revised:
Revised By:
Contact for Help:
Kristin Anderson
11/8/2015
9/28/2015
Kristin Anderson
Kristin Anderson
kanderson51@students.blackhawk.edu
The intent of this workbook is to consolidate information needed for the

corporate income statement. The statements are on top of the
charts of accounts for February and March. The last two worksheets
show the source data for the formulas required to complete the income
statement.
How To Use This Workbook
The sheets for the months included are protected to ensure the validity of the
computed data. The cells that are a light yellow are the cells into which data
can be entered by the staff accountant. If there are any questions or concerns,
please don't hesitate to use the contact information above.
Magnus Inc.
Corporate Income Statement
February 28, 20xx
Net Sales
Merchandise Inventory, Feb. 1
75,000.00
(68,000.00)
Purchases
300,000.00
Cost of Goods Sold

Gross Profit
Operating Expenses (Selling)
22,025
Operating Expenses (Administrative)
30,125
Total Operating Expenses

Income from Continuing Operations Before Tax
Income Tax Expense
Income From Continuing Operations
Loss on Discontinued Operations
Extraordinary Items
Net Income
Common Stock Outstanding

Basic Earnings per Share
Magnus Inc.
February 28, 20xx
452,500.00
(307,000.00)
145,500.00
(52,150.00)
93,350.00
(15,000.00)
78,350.00
(18,500.00)
(8,900.00)
50,950.00
20,000
2.55
COGS
Advertising Expense
Depreciation Expense - Office Equipment
Depreciation Expense - Store Equipment
Extraordinary Loss
Income Tax: On Continuing Operations
Insurance Expense
Interest Expense
Loss from Disposal of a Segment of Business
Office Salaries Expense
Office Supplies Expense
Purchases
Reduction Applicable to Extraordinary Loss
Reduction Applicable to Loss from Disposal of
a Segment of the Business
Rent Expense
Sales
Sales Salaries Expense
Store Supplies Expense
10,100.00
500.00
2,500.00
10,000.00
15,000.00
500.00
2,500.00
23,000.00
75,000.00
68,000.00
17,000.00
1,025.00
300,000.00
1,100.00
75,000.00
(68,000.00)
300,000.00
4,500.00
500.00
452,500.00
15,000.00
2,525.00
307,000
Other
Expenses
Selling
Expenses
Disc. Ops
10,100
Extraordinary loss
500
2,500
10,000
500
2,500
23,000
17,000
1,025
1,100
4,500
500
15,000
2,525
22,025
30,125
18,500
8,900
Magnus Inc.
March 31, 20xx
Net Sales
68,000.00
(70,000.00)
Purchases
251,200.00
Cost of Goods Sold

Gross Profit
Operating Expenses (Selling)
29,245
Operating Expenses (Administrative)
44,135
Total Operating Expenses

Income from Continuing Operations Before Tax
Income Tax Expense
Income From Continuing Operations
Loss on Discontinued Operations
Extraordinary Items
Net Income

Magnus Inc.
March 31, 20xx
350,000.00
(249,200.00)
100,800.00
(73,380.00)
27,420.00
(10,000.00)
17,420.00
(600.00)
(5,900.00)
10,920.00
20,000
0.55
COGS
Advertising Expense
Depreciation Expense - Office Equipment
Depreciation Expense - Store Equipment
Extraordinary Loss
Income Tax: On Continuing Operations
Insurance Expense
Interest Expense
Loss from Disposal of a Segment of Business
Merchandise Inventory, Mar. 1
Merchandise Inventory, Mar. 31
Office Salaries Expense
Office Supplies Expense
Purchases
Reduction Applicable to Extraordinary Loss
Reduction Applicable to Loss from Disposal of
a Segment of the Business
Rent Expense
Sales
11,500.00
810.00
3,235.00
7,500.00
10,000.00
500.00
6,000.00
1,000.00
68,000.00
70,000.00
20,000.00
935.00
251,200.00
1,600.00
68,000.00
(70,000.00)
251,200.00
400.00
1,000.00
350,000.00
26,250.00
3,150.00
249,200
Other
Expenses
Selling
Expenses
Disc. Ops
11,500
Extraordinary loss
810
3,235
7,500
500
6,000
1,000
20,000
935
1,600
400
1,000
26,250
3,150
29,245
44,135
73,380
600
5,900
Magnus Inc.
February 28, 20xx
Net Sales
350,000.00
Cost of Goods Sold
(249,200.00)
Gross Profit
100,800.00
Operating Expenses (Selling
(73,380.00)
Income from Continuing Ope
27,420.00
Income Tax Expense
(10,000.00)
Income From Continuing Op
17,420.00
Loss on Discontinued Opera

Extraordinary Items
Net Income

$
(600.00)
(5,900.00)
10,920.00
20,000
0.55
Advertising Expense
Depreciation
Expense Office Equipment
Depreciation
Expense Store Equipment
Extraordinary
Loss
Income
Tax: On
Continuing Operations
Insurance Expense
Interest Expense
Loss from Disposal of a
Segment of Business
Merchandise
Inventory,
Mar.
1
Merchandise Inventory,
Mar. 31
Salaries Expense
Office Supplies
Expense
Purchases Applicable to
Reduction
Extraordinary
Loss of a
Loss from Disposal
Segment of the
Business
Rent Expense
Sales
###
810.00
###
###
###
500.00
###
###
###
###
###
935.00
###
###
400.00
###
###
###
###
C O G S ExpensesDisc. Ops Extraordinary loss

11,500
810
3,235
7,500
500
6,000
1,000
###
###
20,000
935
###
1,600
400
1,000
26,250
3,150
### 73,380
600
5,900

Anderson - Kristin - Model BLDG 10

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Kristin Anderson

C:\Users\Kristin\Documents\[Model Bldg 10.xlsx]Mar. Accounts

The intent of this workbook is to consolidate information needed for the

Merchandise Inventory, Feb. 28

Cost of Goods Sold

Operating Expenses (Administrative)

Total Operating Expenses

Common Stock Outstanding

Merchandise Inventory, Feb. 28

Cost of Goods Sold

Operating Expenses (Administrative)

Total Operating Expenses

Common Stock Outstanding

Cost of Goods Sold

Operating Expenses (Selling

Income from Continuing Ope

Income Tax Expense

Income From Continuing Op

Loss on Discontinued Opera

Common Stock Outstanding

C O G S ExpensesDisc. Ops Extraordinary loss

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