Question
Amber Corporation has provided the following information of its operating activities for the year: Merchandise Inventory, January 1 $150,000 Merchandise Inventory, December 31 75,000 Purchases
Amber Corporation has provided the following information of its operating activities for the year:
| Merchandise Inventory, January 1 | $150,000 |
| Merchandise Inventory, December 31 | 75,000 |
| Purchases | 854,000 |
| Selling and Administrative Expenses | 65,000 |
| Sales Revenue | 1,000,000 |
Required: Prepare Amber's income statement for the year ended December 31. Use the format provided below:
| Sales Revenue |
|
|
| Cost of Goods Sold |
|
|
| Beginning Inventory |
|
|
| Purchases |
|
|
| Cost of Goods Available for Sale |
|
|
| Ending Inventory |
|
|
| Cost of Goods Sold |
|
|
| Gross Profit |
|
|
| Selling and Administrative Expenses |
|
|
| Operating Income |
|
|
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Using Equity Audits In The Classroom To Reach And Teach All Students
Authors: Kathryn B. McKenzie, Linda E. Skrla
1st Edition
141298677X, 978-1412986779
