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H3Ko H3Ko
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8 years ago
Simons, Inc. sells plasticware. The following information summarizes Simons' operating activities for the year:

Utilities Expense   $ 65,000
Rent Expense   10,000
Sales Commissions Expense   32,500
Purchases of Merchandise   260,000
Merchandise Inventory on January 1   65,000
Merchandise Inventory on December 31   97,500
Sales Revenue   650,000

Prepare an income statement for Simons, Inc., a merchandiser, for the year ended December 31 using the format below:

Sales Revenue      
Cost of Goods Sold:      
   Beginning Inventory      
    Purchases      
    Cost of Goods Available for Sale      
    Ending Inventory      
Cost of Goods Sold      
Gross Profit      
Selling Expenses:      
    Sales Commissions Expense      
Administrative Expenses:      
    Rent Expense      
    Utilities Expense      
Total Operating Expenses      
Operating Income
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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8 years ago
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H3Ko Author
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#2
8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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