Question

Q # 1 Eman Pharmaceutical Company reported following condensed data in the income statement for the year ended 31 December 2020.

Interest Revenue Rs. 20,000 , Interest Expense Rs. 30,000
Loss on sale of equipment Rs. 7,000, Gain on sale of laptop Rs. 12,000
Cost of goods sold Rs. 150,000, Gross Sales Revenue Rs. 500,000
Sales Return Rs. 15,000 Discount on sale Rs. 12,000
Salaries Expense Rs. 17,000, Electricity Expense Rs. 20,000
Depreciation Exp. Rs. 18,000 , Kitchen consumable Rs. 10,000

Requirements:
(a) a single step income statement
(b) a multiple step income statement

Answer 1

Answer:

Q # 1 Eman Pharmaceutical Company reported following condensed data in the income statement for the year ended 31 December 2020.

Interest Revenue Rs. 20,000 , Interest Expense Rs. 30,000

Loss on sale of equipment Rs. 7,000, Gain on sale of laptop Rs. 12,000

Cost of goods sold Rs. 150,000, Gross Sales Revenue Rs. 500,000

Sales Return Rs. 15,000 Discount on sale Rs. 12,000

Salaries Expense Rs. 17,000, Electricity Expense Rs. 20,000

Depreciation Exp. Rs. 18,000 , Kitchen consumable Rs. 10,000

Requirements:

(a) a single step income statement

(b) a multiple step income statement