Please to critique this income statement and give a positive and negative feedback for what I came up with . No more than 50 words. please to let me know if it was done properly and if not, what can be done to enhance my income statement. attach is the question and answer. Please to critique my answer in 50 words. Cover PageActivity 1.2Discussion Question 1Picture PerfectIncome StatementFor the year ended June 30th, 2014Sales Revenue90,000Cost of Goods Sold;Beginning Merchandise InventoryAdd Cost of Merchandise Purchased12,00036,000Add Freight-in600|Goods Available For Sale48,600Less Ending Merchandise InventoryCost of Goods SoldGross profit9,60039,000|51,000Less Operating ExpensesStore Rent7,000Sales Salaries4,5002,3001,950Advertising ExpenseStore UtilitiesTotal Operating ExpensesOperating Income15,75035,250 Online Discussion Questions(Kindly prepare these questions before cach tutorial session)1. On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store thatsells picture frames, crafts & art. On June 30, 2014, her accounting records show thefollowing:$7,000 Sales revenue4,500 | Store utilities600 Purchase of merchandise$90,0001,95036,00012,000Store rentSales salariesFreight inInventory on June 30, 2014 9,600 | Inventory on January 1, 2014Advertising expense2,300Prepare an income statement for Picture Perfect, a merchandiser, for the period endedJune 30, 2014.

Please note that I've provided a complete new income statement in step 2. There are some minute…

1. On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: $7,000 Sales revenue 4,500 Store utilities 600 Purchase of merchandise Store rent Sales salaries Freight in Inventory on June 30, 2014 9,600| Inventory on January 1, 2014 |Advertising expense $90,000 1,950 36,000 12,000 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.

1. On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: $7,000 Sales revenue 4,500 Store utilities 600 Purchase of merchandise Store rent Sales salaries Freight in Inventory on June 30, 2014 9,600| Inventory on January 1, 2014 |Advertising expense $90,000 1,950 36,000 12,000 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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