Answered: income statement fo

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 7 Part 2

Transcribed Image Text:Gourmet Bones manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following: E (Click the icon to view account balances.) E (Click the icon to view other information.) Read the requirements. Data Table Requirement 2. Prepare an income statement for Gourmet Bones for the year ended December 31, 2018. (For accounts with a $0 balance, make sure Gourmet Bones Data Table Other information: Income Statement Direct materials purchases $ 36,000 Year Ended December 31, 2018 Plant janitorial services 700 Revenue: Balances: Beginning Ending Sales salaries 6,000 Direct Materials $ 13,500 $ 7,500 Delivery costs 1,300 Cost of Goods Sold: Work-in-Process Inventory 3,500 Net sales revenue 107,000 Finished Goods Inventory 5.200 Utilities for plant 1,300 Rent on plant 17,000 Print Done Customer service hotline costs 1,200 Direct labor 23,000 Cost of Goods Sold Gross Profit Print Done

Selling and Administrative Expenses:
Total Selling and Administrative Expenses
Operating Income

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