Question

ACCT 220001 Prin of Act 1 (Fall 19) Test: Exam 3 - ACCT 2200*01 This Question: 15 pts 14 of 19 (11 complete) Carmen Communication reported the following res from its adjusted trial balance for its first year of business which ended on July 31, 2018 ERC the conto the accounts and balances) Prepare Carmen Communications's mostepncome statement for the year ended July 31, 2018 (Use a minus son or parentheses to show other expenses) Carmen Comunications Income Statement Yearded 31, 2018 O Data Table $ 19,300 13 500 Cash Soling Expenses Accounts Payable Carmen, Capital Nous Payong term Merchandise inventory A Em 3.400 Cost of Goods Sold 1.100 Equipment ne 5.100 Accrued Liabilities 9.824 Net Sales Revenue 600 Accounts Receivable 1.400 Interest Expense 2.600 1.400 28,000 3,600 Ch Print Dono a nd then continue to the next question Type here to search

Answer 1

CARMEN COMMUNICATIONS

INCOME STATEMENT

YEAR ENDED JULY 31,2018

SALES		$28000
COST OF GOODS SOLD		19300
GROSS PROFIT		8700
OPERATING EXPENSE
SELLING EXPENSE	1100
ADMINISTRATION EXPENSE	2600
TOTAL OPERATING EXPENSE		3700
OPERATING INCOME		5000
NON OPERATING INCOME AND OTHER INCOMES
INTEREST EXPENSE	(24)
NET INCOME		4976