Question

Prepare the income statement for Clear Bay Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 33,000 units of its product at a price of $10 each during the year. BE: (Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Clear Bay Company Income Statement For Current Year NA Less LAS Choose from any list or enter any number in the input fields and then click Check Answer

Answer 1

Clear Bay Company
Income Statement
For Current Year
Sales Revenue (33,000 units * $10 per unit)		$330,000
Less: Cost of Goods Sold		($222,900)
Gross Margin		$107,100
Less: Operating Expenses:
Marketing expenses	($75,000)
General and administrative expenses	($29,500)	($104,500)
Net Operating Income		$2,600