Please help with the income statement based on info below: PricingActual #RevenueGrooming2543,000Daycare182211,880Boarding25129,000Total January Revenue 23,880 K-9 Grooming & CampMILESTONE 3 - Statement of Cost of ServicesINSTRUCTIONS:The following are the actual numbers for January:MaterialsPurchased $5,000 of MaterialsConsumed 40% of those purchased materialsDirect LaborDirect Labor was $6,240OverheadOverhead was $2,800K-9 Grooming & CampStatement of Cost of ServicesFor the Month Ended January 31, xxxxBeginning Work in Process InventoryDirect Materials:Materials - BeginningAdd: Purchases for month of January5,000Materials Available for Use5,000Deduct: Ending Materials3,000Materials Used2,000Direct Labor6,2402,800OverheadTotal Service Costs11,040Deduct: Ending Work in Process InventoryCost of Services$11,040* Cost of Goods Sold = Cost of ServicesThere is no finished goods inventory to maintain. K-9 Grooming & CampMILESTONE 3 - Income StatementINSTRUCTIONS:Complete the Statement in proper formRevenue will be provided in an Announcement at the end of Module 4(based on actual number of services for your pricing levels)Additional Information necessary to complete the Income Statement:General & Administrative Salaries paid = $1,200Advertising = $100Cleaning Products = $120Depreciation = $83Rent = $650Loan = $420Utilities & Insurance = $600K-9 Grooming & CampIncome StatementFor the Month Ended January 31, xXXXRevenue:GroomingDay CareBoardingTota RevenueCost of Services *Gross ProfitExpenses:G&A SalariesAdvertisingCleaning ProductsDepreciationRentLoanUtilities and InsuranceTotal ExpensesNet Income / Loss* Cost of Goods Sold = Cost of ServicesThere is no finished goods inventory to maintain.I

For the preparation of the income statement, following equation is to be followed and the format is also in the same sequence: Revenue - Expenses = Net Income. All the information is already provided in the question. This information is to be plugged in the format of the income statement provided.K-9 Grooming & Camp Income Statement For the Month Ended January 31, XXXX Revenue: Grooming $3,000 Day Care $11,880 Boarding $9,000 Total Revenue $23,880 Cost of Services* $11,040 Gross Profit $12,840 Expenses: G&A Salaries $1,200 Advertising $100 Cleaning Products $120 Depreciation $83 Rent $650 Loan $420 Utilities and Insurance $600 Total Expenses $3,173 Net Income / Loss $9,667 * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain

Answered: Please help with the income statement…

Business

Accounting

Please help with the income statement based on info below:

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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