Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income $ 16,100 14,100 REX MANUFACTURING Income Statement For Year Ended December 31 18,100 19,100 40,100 12, 100 55,100 28,100 92,200 1,100 $ 19,100 40,100 59,200 16,100 $ 92,200 12,100 14,100
Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses General and administrative expenses Net income $ 16,100 14,100 REX MANUFACTURING Income Statement For Year Ended December 31 18,100 19,100 40,100 12, 100 55,100 28,100 92,200 1,100 $ 19,100 40,100 59,200 16,100 $ 92,200 12,100 14,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare an income statement for Rex Manufacturing for the year ended December 31 using the
following information. Hint. Not all information given is needed for the solution.
Finished goods inventory, ending
General and administrative expenses
Accounts receivable
Finished goods inventory, beginning
Cost of goods manufactured
Selling expenses
Cash
Land
Sales
Equipment
Sales
Cost of goods sold
Finished goods inventory, beginning
Cost of goods manufactured
REX MANUFACTURING
Income Statement
For Year Ended December 31
Goods available for sale
Less: Finished goods inventory, ending
Cost of goods sold
Gross profit
Selling expenses
General and administrative expenses
Net income
$ 16,100
14,100
18,100
19,100
40,100
12,100
55,100
28,100
92,200
1,100
$
19,100
40,100
59,200
16,100
92,200
12,100
14,100
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