Answered: Construct an income statement for…

Business

Accounting

Construct an income statement for Ballentine Manufacturing to reflect their net income for 2017.

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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Question

100%

Ballentine Manufacturing produces and sells lawnmowers
through a national dealership network. They purchase raw
materials from a variety of suppliers, and all manufacturing
and assembly work is performed at their plant outside of
Kansas City, Missouri. They recorded the following costs for
the year ending December 31, 2017.
Administrative and Selling Expenses
$430,000
Cost of Goods Sold
1,300,000
Rent on corporate headquarters
80,000
Marketing and Advertising
400,000
Sales Revenue
2,700,000
Straight-line depreciation on office equipment
100,000
Construct an income statement for Ballentine
Manufacturing to reflect their net income for 2017.
Ballentine Manufacturing
Income Statement
For Year Ending 2017
Gross Income
Gross Loss
Net Income
Net Loss
Operating Expenses

Magio Company manufactures kitchen equipment used in
hospitals. They distribute their products directly to the
customer and, for the year ending 2019, they reported the
following revenues and expenses.
Sales Revenue
$985,000
Cost of Goods Sold 493,000
Operating Expenses 242,000
Use this information to construct an income statement for
the year 2019.
Magio Company
Income Statement
For Year Ending 2019

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