3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1
3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:3. Prepare an income statement.
ALEXANDRIA ALUMINUM COMPANY
Income Statement
For the Year Ended December 31, 20x1
$
%24

Transcribed Image Text:Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory
balances at the beginning and end of 20x1.
Inventory Classification
Raw material
January 1, 20x1
$ 60,000
120,000
150,000
December 31, 20x1
$ 70,000
115,000
165,000
Work in process
Finished goods
During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor.
Manufacturing overhead costs were as follows:
$ 10,000
25,000
100,000
25,000
30,000
Indirect material
Indirect labor
Depreciation on plant and equipment
Utilities
Other
Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to
$110,000. The firm's tax rate is 40 percent.
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education