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Please help with the income statement based on info below:

Please help with the income statement based on info below:

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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Please help with the income statement based on info below:

  Pricing Actual # Revenue
Grooming 25 4 3,000
Daycare 18 22 11,880
Boarding 25 12 9,000
Total January Revenue     23,880

 

K-9 Grooming & Camp MILESTONE 3 - Statement of Cost of Services INSTRUCTIONS: The following are the actual numbers for January: Materials Purchased $5,000 of Materials Consumed 40% of those purchased materials Direct Labor Direct Labor was $6,240 Overhead Overhead was $2,800 K-9 Grooming & Camp Statement of Cost of Services For the Month Ended January 31, xxxx Beginning Work in Process Inventory Direct Materials: Materials - Beginning Add: Purchases for month of January 5,000 Materials Available for Use 5,000 Deduct: Ending Materials 3,000 Materials Used 2,000 Direct Labor 6,240 2,800 Overhead Total Service Costs 11,040 Deduct: Ending Work in Process Inventory Cost of Services $ 11,040 * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain.
Transcribed Image Text:K-9 Grooming & Camp MILESTONE 3 - Statement of Cost of Services INSTRUCTIONS: The following are the actual numbers for January: Materials Purchased $5,000 of Materials Consumed 40% of those purchased materials Direct Labor Direct Labor was $6,240 Overhead Overhead was $2,800 K-9 Grooming & Camp Statement of Cost of Services For the Month Ended January 31, xxxx Beginning Work in Process Inventory Direct Materials: Materials - Beginning Add: Purchases for month of January 5,000 Materials Available for Use 5,000 Deduct: Ending Materials 3,000 Materials Used 2,000 Direct Labor 6,240 2,800 Overhead Total Service Costs 11,040 Deduct: Ending Work in Process Inventory Cost of Services $ 11,040 * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain.
K-9 Grooming & Camp MILESTONE 3 - Income Statement INSTRUCTIONS: Complete the Statement in proper form Revenue 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 = $1,200 Advertising = $100 Cleaning Products = $120 Depreciation = $83 Rent = $650 Loan = $420 Utilities & Insurance = $600 K-9 Grooming & Camp Income Statement For the Month Ended January 31, xXXX Revenue: Grooming Day Care Boarding Tota Revenue Cost of Services * Gross Profit Expenses: G&A Salaries Advertising Cleaning Products Depreciation Rent Loan Utilities and Insurance Total Expenses Net Income / Loss * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain. I
Transcribed Image Text:K-9 Grooming & Camp MILESTONE 3 - Income Statement INSTRUCTIONS: Complete the Statement in proper form Revenue 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 = $1,200 Advertising = $100 Cleaning Products = $120 Depreciation = $83 Rent = $650 Loan = $420 Utilities & Insurance = $600 K-9 Grooming & Camp Income Statement For the Month Ended January 31, xXXX Revenue: Grooming Day Care Boarding Tota Revenue Cost of Services * Gross Profit Expenses: G&A Salaries Advertising Cleaning Products Depreciation Rent Loan Utilities and Insurance Total Expenses Net Income / Loss * Cost of Goods Sold = Cost of Services There is no finished goods inventory to maintain. I
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