Excellent, Inc sells accounting textbooks
The following information summarizes Excellent's operating activities for the year:
Merchandise Inventory, January 1 $10,000
Merchandise Inventory, December 31 7,000
Purchases 95,000
Selling and Administrative Expenses 65,000
Sales Revenue 180,000
Required: Prepare Excellent, Inc's income statement for the year ended December 31.
What will be an ideal response
Excellent, Inc.
Income Statement
Year Ended December 31, 20XX
Sales Revenue $180,000
Cost of Goods Sold
Beginning Inventory $10,000
Purchases 95,000
Cost of Goods Available for Sale 105,000
Ending Inventory (7,000 )
Cost of Goods Sold 98,000
Gross Profit 82,000
Selling and Administrative Expenses 65,000
Operating Income $17,000
You might also like to view...
The upper limit of a property's value usually is determined by
a. the market comparison approach. b. the cost approach. c. the income approach. d. the sales comparison approach.
Dashes can be used to indicate where each _____________ begins
a. item in a list b. new sentence c. new paragraph d. index entry