The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 Prepare an income statement through gross profit.
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 Prepare an income statement through gross profit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.
| Raw Materials Inventory 7/1/19 | $48,000 | Factory Insurance | $4,600 | |||
| Raw Materials Inventory 6/30/20 | 39,600 | Factory Machinery |
16,000 | |||
| Finished Goods Inventory 7/1/19 | 96,000 | Factory Utilities | 27,600 | |||
| Finished Goods Inventory 6/30/20 | 75,900 | Office Utilities Expense | 8,650 | |||
| Work in Process Inventory 7/1/19 | 19,800 | Sales Revenue | 534,000 | |||
| Work in Process Inventory 6/30/20 | 18,600 | Sales Discounts | 4,200 | |||
| Direct Labor | 139,250 | Plant Manager’s Salary | 58,000 | |||
| Indirect Labor | 24,460 | Factory Property Taxes | 9,600 | |||
| 27,000 | Factory Repairs | 1,400 | ||||
| Raw Materials Purchases | 96,400 | |||||
| Cash | 32,000 |
Prepare an income statement through gross profit.
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Question 15 of 15
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CLARKSON COMPANY
(Partial) Income Statement
For the Year Ended June 30, 2020
$
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