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Manufacturing Firm Income Statement Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800. 1. Prepare an income statement for Slapshot for the month of June Sales revenue: Cost of goods sold: Gross margin: Sellong expense: Commisions: Fixed selling expense:

Manufacturing Firm Income Statement Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800. 1. Prepare an income statement for Slapshot for the month of June Sales revenue: Cost of goods sold: Gross margin: Sellong expense: Commisions: Fixed selling expense:

FINANCIAL ACCOUNTING
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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Manufacturing Firm Income Statement Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800. 1. Prepare an income statement for Slapshot for the month of June Sales revenue: Cost of goods sold: Gross margin: Sellong expense: Commisions: Fixed selling expense: Administrative expense: Operating income:
Transcribed Image Text:Manufacturing Firm Income Statement Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800. 1. Prepare an income statement for Slapshot for the month of June Sales revenue: Cost of goods sold: Gross margin: Sellong expense: Commisions: Fixed selling expense: Administrative expense: Operating income:
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