Question

Prepare the income statement for Strike Gold 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 32,000 units of its product at a price of $14 each during the year :: (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.) Strike Gold Company Income Statement For Current Year Sales revenues Less: Cost of goods sold Gross profit Choose from any list or enter any number in the input fields and then click Check Answer

Answer 1

Solution:

Strike Gold Company
Income Statement
For Current year
Particulars		Amount
Sales revenues		$448,000.00
Cost of goods sold		$234,100.00
Gross profit		$213,900.00
Operating expenses:
General and administrative expenses	$27,500.00
Marketing expenses	$78,000.00	$105,500.00
Operating income		$108,400.00