Selected data for three companies are given below. All inventory amounts are ending balances.DescriptionAmountSubcategory,Accounts Receivable16,100Administrative Expenses15,300Cash26,500Cost of Goods Sold46,500Equipment53,000Merchandise Inventory7,300Sales Revenue92,000Sellilng Expenses20,500 DescriptionAmountSubcategory,Accounts Receivable10,800Cash7,800Equipment47,400Rent Expense5,200Service Revenue34,100Utilities Expense2,200Wages Expense10,500 DescriptionAmountSubcategory,Accounts Receivable25,400Administrative Expenses42,900Cash27,700Cost of Goods Manufactured112,900Cost of Goods Sold98,000Equipment259,000Finished Goods Invetory10,800Raw Materials Inventory8,800Sales Revenue223,900Selling Expenses49,500Work-in-Process Inventory5,200 Using the data above, indentify each company as a Service Company, Merchandising Company, or Manufacturing Company and complete an Income Statement for each company. Company XType of CompanyCompany YType of CompanyCompany ZType of CompanyCompany XIncome StatementCompany YIncome StatementCompany ZIncome Statement

The income statement is a financial statement which shows the rebvenue ,expendiutre and…

Answered: Using the data above, indentify each…

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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Selected data for three companies are given below. All inventory amounts are ending balances.

Description	Amount
Subcategory,
Accounts Receivable	16,100
Administrative Expenses	15,300
Cash	26,500
Cost of Goods Sold	46,500
Equipment	53,000
Merchandise Inventory	7,300
Sales Revenue	92,000
Sellilng Expenses	20,500

Description	Amount
Subcategory,
Accounts Receivable	10,800
Cash	7,800
Equipment	47,400
Rent Expense	5,200
Service Revenue	34,100
Utilities Expense	2,200
Wages Expense	10,500

Description	Amount
Subcategory,
Accounts Receivable	25,400
Administrative Expenses	42,900
Cash	27,700
Cost of Goods Manufactured	112,900
Cost of Goods Sold	98,000
Equipment	259,000
Finished Goods Invetory	10,800
Raw Materials Inventory	8,800
Sales Revenue	223,900
Selling Expenses	49,500
Work-in-Process Inventory	5,200

Using the data above, indentify each company as a Service Company, Merchandising Company, or Manufacturing Company and complete an Income Statement for each company.

Company X
Type of Company
Company Y
Type of Company
Company Z
Type of Company
Company X
Income Statement
Company Y
Income Statement
Company Z
Income Statement

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