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$983,000Cost of Goods Sold489,000Operating Expenses243,000Use this information to construct an income statement for the year 2019.Magio CompanyIncome StatementFor Year Ending 2019

Formula: Net income = Total revenues - total expenses Deduction of expenses from revenues derives…

Answered: Magio Company manufactures kitchen…

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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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	$983,000
Cost of Goods Sold	489,000
Operating Expenses	243,000

Use this information to construct an income statement for the year 2019.

Magio Company

Income Statement

For Year Ending 2019

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