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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 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.

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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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.

 

O Chapter 14 Homework O NWP Assessment Player UI Appli x b Answered: Prepare a cost of goo X e Word: Lists + A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=42d2d213-2a28-443a-8f3b-3f08d3eae2e4#/question/14 Paused + Chapter 14 Homework Question 15 of 15 0.67 /2 CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 $ eTextbook and Media List of Accounts SAn forLator Attemnts: unlimited Cuhmit Annanr
Transcribed Image Text:O Chapter 14 Homework O NWP Assessment Player UI Appli x b Answered: Prepare a cost of goo X e Word: Lists + A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=42d2d213-2a28-443a-8f3b-3f08d3eae2e4#/question/14 Paused + Chapter 14 Homework Question 15 of 15 0.67 /2 CLARKSON COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 $ eTextbook and Media List of Accounts SAn forLator Attemnts: unlimited Cuhmit Annanr
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