At the end of 2020 , Wuhan Manufacturing Company reported the following accounts and their balances (all amounts in USD) Sales Revenue 3,095,790 Finished goods inventory, 1 1 2020 198,700 Direct materials inventory, 1 1 2020 36,000 Property Taxes (Headquarters) 15,000 Indirect materials inventory, 1 1 2020 2,500 Salaries Expense (Selling Marketing) 65,800 Depreciation Expense (Headquarters) 14,800 Direct materials inventory, 31 12 2020 42,000 Direct Labor 460,100 Utilities Expense (Factory) 98,700 Salaries Expense (General Administrative) 87,520 Purchases of indirect materials 12,650 Selling Expense 74,200 Work In Process inventory, 1 1 2020 224,500 Work In Process inventory, 31 12 2020 124,500 Purchases of direct materials 545,900 Indirect Labor 87,000 Utilities Expense (Headquarters) 38,970 Finished goods inventory, 31 12 2020 98,700 Indirect materials inventory, 31 12 2020 1,500 Rent Expense (Factory) 150,000 Insurance Expense (Factory) 41,150 Rent Expense (Headquarters) 85,000 Depreciation Expense (Factory) 74,500 Property Taxes (Factory) 35,000 Insurance Expense (Headquarters) 14,500 Prepare an Income Statement for the Wuhan Manufacturing Company for the year 2020 based onlyon the information above and calculate the OPERATING INCOME figure for 2020

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Posted on Sep 05, 2024

At the end of 2020 , Wuhan Manufacturing Company reported the following accounts and their balances (all amounts in USD): Sales Revenue 3,095,790 Finished goods

At the end of 2020, Wuhan Manufacturing Company reported the following accounts and their balances (all amounts in USD):

Sales Revenue	3,095,790	Finished goods inventory, 1.1.2020	198,700
Direct materials inventory, 1.1.2020	36,000	Property Taxes (Headquarters)	15,000
Indirect materials inventory, 1.1.2020	2,500	Salaries Expense (Selling&Marketing)	65,800
Depreciation Expense (Headquarters)	14,800	Direct materials inventory, 31.12.2020	42,000
Direct Labor	460,100	Utilities Expense (Factory)	98,700
Salaries Expense (General Administrative)	87,520	Purchases of indirect materials	12,650
Selling Expense	74,200	Work-In-Process inventory, 1.1.2020	224,500
Work-In-Process inventory, 31.12.2020	124,500	Purchases of direct materials	545,900
Indirect Labor	87,000	Utilities Expense (Headquarters)	38,970
Finished goods inventory, 31.12.2020	98,700	Indirect materials inventory, 31.12.2020	1,500
Rent Expense (Factory)	150,000	Insurance Expense (Factory)	41,150
Rent Expense (Headquarters)	85,000	Depreciation Expense (Factory)	74,500
Property Taxes (Factory)	35,000	Insurance Expense (Headquarters)	14,500

Prepare an Income Statement for the Wuhan Manufacturing Company for the year 2020 based onlyon the information above and calculate the OPERATING INCOME figure for 2020.