prepare a correct income statement for october 2017
Income statement for October 2017 is prepared as shown below:
Empire Company | ||
Income Statement | ||
For the Month Ended October 31, 2017 | ||
Particulars | Amount ($) | Amount ($) |
Sales Revenue | 7,80,000 | |
Less: Cost of Goods Sold: | ||
opening finished good | 30,000 | |
Add: COGM | 5,81,800 | |
Less: Closing finished goods | 50,000 | |
Cost of goods sold | 5,61,800 | |
Gross Profit | $2,18,200 | |
Operating Expenses | ||
Advertising Expense | $90,000 | |
Selling and administartive expense | 75,000 | |
Depreciation on sales equipment | 45,000 | |
Utilities expense (25% of 12,000) | 3,000 | |
Insurance (40% of 8,000) | 3,200 | 2,16,200 |
Total Operating Expenses | 2,16,200 | |
Net Income | $2,000 |
Working Notes:
Empire Company | ||
Statement of Cost of Goods Manufactured | ||
For the Month Ended October 31, 2017 | ||
Particulars | Amount ($) | Amount ($) |
Direct Materials | ||
Opening Direct Material | 18,000 | |
Purchase of Direct material | 2,64,000 | |
Total material available for use | 2,82,000 | |
Closing direct material | 29,000 | |
Direct Material Used in production | 2,53,000 | |
Direct Labour | 1,90,000 | |
Rent on factory facilities | 60,000 | |
Depreciation on factory equipment | 31,000 | |
Indirect labour cost | 28,000 | |
Utilities expense (75% of 12,000) | 9,000 | |
Insurance (60% of 8,000) | 4,800 | |
Manufacturing overhead | 1,32,800 | |
Total manufacturing costs | 5,75,800 | |
Add: opening WIP | 20,000 | |
Less: Closing WIP | 14,000 | |
Cost of goods manufactured | 5,81,800 |
prepare a correct income statement for october 2017 Empire Company is a manufacturer of smart phones....
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue $ 794,900 Less: Operating expenses Raw materials purchases $ 264,100 Direct labor cost 189,300 Advertising expense 91,400 Selling and administrative salaries 76,100 Rent on factory facilities 61,600 Depreciation on sales equipment 45,000 Depreciation on factory equipment 32,500 ...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue $ 780,000 Less: Operating expenses Raw materials purchases $ 264,000 Direct labor cost 190,000 Advertising expense 90,000 Selling and administrative salaries 75,000 Rent on factory facilities 60,000 Depreciation on sales equipment 45,000 Depreciation on factory equipment 31,000...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue $ 794,900 Less: Operating expenses Raw materials purchases $ 264,100 Direct labor cost 189,300 Advertising expense 91,400 Selling and administrative salaries 76,100 Rent on factory facilities 61,600 Depreciation on sales equipment 45,000 Depreciation on factory equipment 32,500 ...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue $ 794,900 Less: Operating expenses Raw materials purchases $ 264,100 Direct labor cost 189,300 Advertising expense 91,400 Selling and administrative salaries 76,100 Rent on factory facilities 61,600 Depreciation on sales equipment 45,000 Depreciation on factory equipment 32,500 ...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017 EMPIRE COMPANY Income Statement. For the Month Ended October 31, 2017 Sales revenue $794,300 Less: Operating expenses Raw materials purchases $264.700 Direct labor cost 192,000 Advertising expense 92,000 Selling and administrative salaries 76,100 Rent on factory facilities 62,300 Depreciation on sales equipment 44,100 Depreciation on factory equipment 32,900 Indirect labor...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2020 $793,400 Sales revenue Less: Operating expenses $264,400 Raw materials purchases Direct labor cost 189,800 Advertising expense 93,000 Selling and administrative salaries 78,000 Rent on factory facilities 61,800 46,000 Depreciation on sales equipment Depreciation on factory equipment 32,900 29,000 Indirect...
(A) prepare a correct income statement for october 2017
(B) Prepare a schedule of cost of goods manufactured for October
2017. (Round answers to 0 decimal places, e.g.
125.)
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2017. An inexperienced assistant accountant has prepared the following income statement for the month of October 2017 EMPIRE COMPANY Income Statement For the Month Ended October 31, 2017 Sales revenue 780,000 Less: Operating expenses Raw materials purchases 264,000...
Sheridan Company is a manufacturer of smart phones. Its
controller resigned in October 2020. An inexperienced assistant
accountant has prepared the following income statement for the
month of October 2020
Problem 14-05A a-b (Video) (Part Level Submission) Sheridan Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020 SHERIDAN COMPANY Income Statement For the Month Ended October 31, 2020 Seles revenue...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. EMPIRE COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue $794,900 Less: Operating expenses Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense Insurance expense 264,100 189,300...
Empire Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. $794,400 EMPIRE COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue Less: Operating expenses Raw materials purchases $263,500 Direct labor cost 191,800 Advertising expense 92,300 Selling and administrative salaries 76,900 Rent on factory facilities 62,500 Depreciation on sales equipment 45,100 Depreciation on factory equipment 33,000 Indirect labor...