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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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Question 6

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: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
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
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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