What is total revenues and gains if you prepare from the following information one step...
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Accounting
What is total revenues and gains if you prepare from the following information one step income statement?
Sales 1 750 000
Losses 800
Utilities 2500
Depreciation 7000
Bad Debt Provision?
Interest revenue 1600
Interest expense 800
Salaries 143 000
Cost of Goods sold 124 000
Rent expense 6500
Gains?
Additional information:
a) Company has issued invoices for a total of 150 000 euro to its customers in a given month, and has a historical experience of 3% bad debts on its billings.
b) Company sells one of its track for 17000 euro because it is not an organization that deals in the buying and selling of vehicles, the sale of the track is outside of its primary activities. Over the years, the cost of the track was being depreciated on the company's accounting records (8650) euro.
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