Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not allInformation given is needed for the solution.Finished goods inventory, endingGeneral and administrative expensesAccounts receivableFinished goods inventory, beginningCost of goods manufacturedSelling expensesCashLandSalesEquipmentSalesCost of goods soldFinished goods inventory, beginningCost of goods manufacturedGoods available for saleLess: Finished goods inventory, endingCost of goods sold$ 16, 60014, 60018, 60019, 60940, 60012, 60055, 600REX MANUFACTURINGIncome StatementFor Year Ended December 31Gross profitGeneral and administrative expensesSelling expenses28,69093, 2001,600$19,60040,60060,20016,600$93,200

An income statement, also known as a profit and loss statement or statement of earnings, is a…

Answered: Prepare an income statement for Rex…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 31, 20X1. The merchandise inventory amounted to $59,675 on January 1, 20X1, and $52,625 on December 31, 20X1. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $ 248,200 Credit 451 Sales Returns and Allowances 4,340 Debit 491 Miscellaneous Income 390 Credit 501 Purchases 103,500 Debit 502 Freight In 1,965 Debit 503 Purchases Returns and Allowances 3,590 Credit 504 Purchases Discounts 1,790 Credit 611 Salaries Expense—Sales 45,200 Debit 614 Store Supplies Expense 2,300 Debit 617 Depreciation Expense—Store Equipment 1,500 Debit 631 Rent Expense 13,400 Debit 634 Utilities Expense 2,990 Debit 637 Salaries Expense—Office 21,000 Debit 640 Payroll Taxes…
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Income Statement for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $56,800 $18,700 (e) Cost of goods manufactured 301,000 (c) 65,500 Cost of finished goods available for sale (a) $177,700 $102,900 Finished goods inventory, June 30 69,400 37,300 (f) Cost of goods sold (b) (d) $94,700 a. b. C.
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The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
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Find the missing amounts, and be sure to label your Presented here are the components in Wildhorse Company's income statement. Determine the missing amounts. Sales Revenue $81,000 A Cost of Goods Sold B $69,000 Gross Profit $77,800 $57,000 Operating Expenses C $46,000 Net Income $17,000 D
The following is the year ended data for Tiger Company: Sales Revenue Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Selling Expenses Administrative Expenses What is the cost of goods available for sale? O A. $5,700 OB. $29,300 OC. $26,700 O D. $24,300 $51,000 28,000 1,300 2,600 15,100 3,500
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The cost accountant for Sunset Fashions has compiled the following information for last quarter's operations: Administrative costs Merchandise inventory, April 1 Merchandise inventory, June 30 Merchandise purchases Miscellaneous store costs Sales commissions Sales revenue Store lease Utilities Transportation-in costs Wages and benefits Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement. SUNSET FASHIONS Income Statement For the Quarter Ended June 30 Sales revenue Cost of goods sold Gross margin Store rent Operating loss $ $ $ 232,000 55,000 45,500 1,790,000 23,400 134,400 3,126,000 53,000 57,900 124,400 770,000 $ 3,126,000 1,923,900 1,202,100 53,000 68,400

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