Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the...
Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year:
| Utilities for the store | $ 9500 | ||||||||||||
| Sales commissions | 10,500 | ||||||||||||
| Sales revenue | 164,200 | ||||||||||||
| Purchases of merchandise | 89,300 | ||||||||||||
| January 1 inventory | 27,100 | ||||||||||||
| Rent for store | 14,400 | ||||||||||||
| December 31 inventory |
23,300 |
||||||||||||
|
What is operating income?
|
Homework Answers
Inventory used = 27100+89300-23300
= 93,100
Operating income
= 164,200-93,100-9,500-10,500-14,400
= 36,700
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