On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following: opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the Store Rent $7,000 Sales Revenue $90,000 Sales Salaries $4,500 Store Utilities $1,950 Freight in $600 Purchase of Merchandise $36,000 Inventory on June 30th 2014 $9,600 Inventory on January 1, 2014 $12,000 Advertising Expense $2,300 a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.
On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following: opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the Store Rent $7,000 Sales Revenue $90,000 Sales Salaries $4,500 Store Utilities $1,950 Freight in $600 Purchase of Merchandise $36,000 Inventory on June 30th 2014 $9,600 Inventory on January 1, 2014 $12,000 Advertising Expense $2,300 a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following:
opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the
| Store Rent | $7,000 | Sales Revenue | $90,000 |
| Sales Salaries | $4,500 | Store Utilities | $1,950 |
| Freight in | $600 | Purchase of Merchandise | $36,000 |
| Inventory on June 30th 2014 | $9,600 | Inventory on January 1, 2014 | $12,000 |
| Advertising Expense | $2,300 |
a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.
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