CLASSIFICATION OF LEDGER ACCOUNTS FOR CREAMERIES. 



35 



INCOME AND EXPENSE STATEMENT. 



The Income and Expense Statement is an itemized statement of the entries made 

 to the Loss and Gain account, arranged in such a way as to set forth clearly the results 

 of the operations of the periods involved. 



The following form of Income and Expense Statement will be found convenient for 

 exhibiting the operations of the creamery for either a monthly or a yearly period. 

 Whenever possible a monthly statement of income and expense is advised. In the 

 past no standard form of Income and Expense Statement has been used; therefore, 

 this form should fill a very definite need. By its use not only the stockholders and 

 directors may follow the details of the business, but a ready comparison may be made 

 between the costs of operation of various periods. 



The amounts shown as sales and purchases in this statement should be net figures. 

 That is, merchandise returned by the buyer should be deducted from the total sales, 

 and merchandise returned by the company to the concern from whom it was pur- 

 chased should be deducted from the total purchases. 



In preparing the trading section of the Income and Expense Statement, it will be 

 found that a space is provided for showing the inventory at the beginning of the period 

 separately from ihe purchases. If the entries have been made in the order provided, 

 the amount of the inventory existing at the close of the previous period should be the 

 first item in the various Purchase accounts. By deducting this amount from the 

 balance on the Purchase accounts the purchases for the period may be found. 



The Blank Creamery Company, Blank, Vermont. 



Income and Expense Statement for , 19 — . 



Account 

 No.' 





Current year. 



, Last year. 



J 1 

















J 2 









J3 



Milk Sales 







J4 









J5 











Total Sales 























Net Sales 













LI 



Raw Material: 

 Butter Fat Purchases 





L2 

 L3 



Underpayments and Overpayments 









Collection Expense: 



■ — ' — ; 











L4 









L5 









L6 



Depreciation on Auto Trucks 































M 1 



Operating Expense: 

 Labor 





M2 



Power and Refrigeration 







M3 



Manufacturing Supplies » 







M4 



Repairs on Plant 







M5 



Depreciation on Plant 







M6 



Tool Replacement 









Total Operating Expense 



Add: 

 Inventory beginning of year 



Deduct: 



Manufacturing Cost of Goods Sold 



Gross Profit 



i 





































