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    Shawnie79's Avatar
    Shawnie79 Posts: 1, Reputation: 1
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    #1

    Apr 3, 2007, 06:43 AM
    Income Statement
    How do you calculate net income in a perpetual inventory system with the following accounts given

    Cost of Goods Sold
    Sales Revenue
    Interest Revenue
    Salary Expense
    Sales returns and allowances
    Interest Expense
    Delivery Expense
    Sales Discounts
    Insurance Expense
    Capital
    Utilities Expense
    Deprecation Expense
    Withdrawals
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 3, 2007, 11:42 PM
    PLUS: Sales Revenue
    LESS: Sales returns and allowances
    LESS: Sales Discounts
    PLUS: Interest Revenue
    LESS: Cost of Goods Sold

    LESS:
    Salary Expense
    Interest Expense
    Delivery Expense
    Utilities Expense
    Deprecation Expense
    Insurance Expense
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