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Ames Power Point had sales in October of $28,000,000 for its three stores in Toronto. The beginning ...

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Ames Power Point had sales in October of $28,000,000 for its three stores in Toronto. The beginning ...

Ames Power Point had sales in October of $28,000,000 for its three stores in Toronto. The beginning merchandise inventories for October and November were $5,000,000 and $4,000,000, respectively. October purchases totalled $19,000,000. All sales are on account (terms 2/15, net 30 days) and are collected 50 percent in the month of the sale and 50 percent in the following month. One-half of all sales discounts are taken for a total of $265,000. September sales totalled $25,000,000 while November sales were $30,000,000. Additional information for October is as follows:

Supplies used   $1,000,000
Salaries and benefits   1,500,000
Maintenance   45,000
Amortization   9,000
Utilities   35,000
Principal payment on maturing bonds   2,000,000

Required:
Using an appropriately formatted income statement, determine the operating income of the company.

Textbook

Cost Accounting: A Managerial Emphasis, Canadian Edition

Edition: 7^th

Authors: Horngren, Datar, Rajan, Beaubien

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