2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses E

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company
The following information is available for Shanika Company for 20Y6:
Inventories
January 1 December 31
Materials
$266,060
Work in process
478,910
Finished goods 460,280
$324,590
441,440
451,180
Advertising expense
Depreciation expense-office equipment
Depreciation expense-factory equipment
Direct labor
Heat, light, and power-factory
Indirect labor
Materials purchased
Office salaries expense
Property taxes-factory
Property taxes-headquarters building
Rent expense-factory
Sales
Sales salaries expense
Supplies-factory
Miscellaneous costs-factory
$220,400
31,160
41,870
499,870
16,550
58,430
490,130
171,060
13,630
28,240
23,050
2,294,850
281,740
11,360
7,140
Transcribed Image Text:Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $266,060 Work in process 478,910 Finished goods 460,280 $324,590 441,440 451,180 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory $220,400 31,160 41,870 499,870 16,550 58,430 490,130 171,060 13,630 28,240 23,050 2,294,850 281,740 11,360 7,140
2. Prepare the 20Y6 income statement.
Shanika Company
Income Statement
For the Year Ended December 31, 20Y6
Cost of good sold:
Operating expenses:
Administrative expenses:
Selling expenses:
Total operating expenses
001
Transcribed Image Text:2. Prepare the 20Y6 income statement. Shanika Company Income Statement For the Year Ended December 31, 20Y6 Cost of good sold: Operating expenses: Administrative expenses: Selling expenses: Total operating expenses 001
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