Prepare an inc
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 6

Transcribed Image Text:Exercise 14-14 Income statement preparation LO P2
Prepare an income statement for Delray Mfg. (a manufacturer).
DELRAY MFG.
Income Statement
For Year Ended December 31, 2017
Cost of goods sold:
Cost of goods available for sale
Cost of goods sold
Operating expenses:
Total operating expenses
Operating income

Transcribed Image Text:The following selected account balances are provided for Delray Mfg.
$ 1,250,000
37,000
Sales
Raw materials inventory, Dec. 31, 2016
Work in process inventory, Dec. 31, 2016
Finished goods inventory, Dec. 31, 2016
Raw materials purchases
53,900
62,750
175,600
Direct labor
225,000
Factory computer supplies used
17,840
Indirect labor
47,000
Repairs-Factory equipment
Rent cost of factory building
Advertising expense
General and administrative expenses
5,250
57,000
94,000
129,300
Raw materials inventory, Dec. 31, 2017
Work in process inventory, Dec. 31, 2017
Finished goods inventory, Dec. 31, 2017
42,700
41,500
67,300
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