Question
Complete the income statement with the following information. INCOME STATEMENT FOR THE YEAR ENDED 12/2023 Sales Cost of Goods Sold Gross Profit Expenses Rent Payroll
Complete the income statement with the following information.
| INCOME STATEMENT | ||
| FOR THE YEAR ENDED 12/2023 | ||
| Sales | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
| Expenses | ||
| Rent | ||
| Payroll expense | ||
| Marketing Expense | ||
| Permits | ||
| Furniture and Fixture | ||
| Office Supplies | ||
| Insurance | ||
| Legal Fees | ||
| Total Expense: | ||
| Net income: |
Revenue: $604,769
Direct Cost: $229,812
Estimated Sales for the month=$17,461.07
Estimated Sales
Lipsticks (210 units at $6.32 each)=$1,327.20
Lip glosses (189 units at $6.98 each)=$1,319.22
Blushes (152 units at $8.99 each)=$1,366.48
Eye Liners (73 units at $2.77 each)=$202.21
Eye Shadow pallets (200 units at $19.99 each)=$3,998
Body Scrubs (400 units at $8.95 each )=$3,580
Moisturizers (204 units at $11.99 each)=$2,445.96
Soaps (900 units at $3.58 each)=$3,222
Estimated Sales for the month=$17,461.07
| Initial Capital and Start-Up Expenses | Amount |
| Rent Expense | $40,049.00 (monthly) |
| Payroll Expense | $281,840.00 (10 employees monthly) |
| Marketing Expense | $41,406.00 |
| Permits | $5,000.00 |
| Furniture and Fixture | $35,624.78 |
| Office Supplies | $17,389.82 |
| Total Cost: | $421,309.60 |
Product Costing
| Lipsticks (21 different shades) | |
| Matte lipstick (6 shades) | $7.50 |
| Sheer/Satin lipstick (5 shades) | $6.49 |
| Lip liner (3 shades) | $5.75 |
| Lip stains/tints (7 shades) | $10.99 |
| Lip glosses (42 different colors) | |
| Lip plumper (5 shades) | $6.89 |
| Lip gloss w/ glitter (37 shades) | $9.50 |
| Blushes (22 different shades) | |
| Blush (7 pink shades) | $8.99 |
| Blush (10 red shades) | $9.50 |
| Blush (3 orange shades ) | $7.90 |
| Blush (2 purple shades) | $7.50 |
| Eye liners | |
| Pen eyeliner | $3.99 |
| Liquid eyeliner | $4.99 |
| Stamp eyeliner | $3.75 |
| Eye shadow palette (5 different pallets) | |
| ISmudge palette | $15.70 |
| 16 Wishes palette | $18.90 |
| Lovers palette | $14.75 |
| Red core palette | $19.95 |
| Cruel Summer palette | $20 |
| Body Scrubs (18 unique scrubs) | |
| Plain, Unscented scrubs (5 types) | $5.50 |
| Scented, glitter scrubs (10 types) | $8.99 |
| Scented scrubs (3 types) | $7.99 |
| Moisturizers (11 unique moisturizers) | |
| Body butter moisturizers (2 types) | $9.99 |
| Plain, unscented moisturizers (3 types) | $8.75 |
| Scented, glitter moisturizers (6 types) | $11.99 |
| Soaps (34 different soaps, 900 in stock) | |
| Soaps for sensitive skin (10 types) | $4.50 |
| Soaps, scented (24 scents) | $5.99 |
Fixed Assets:
| Tools and Equipment: | |
| 4-5 lipstick filling machines | $450 (90 each) |
| 34 different pigments | $337.50 |
| lipstick/gloss tubes (2000 pieces) | $1,100 |
| Jars (4000 pieces) | $3,120 |
| Bottles (3000) | $750 |
| 50 different scents fragrances | $152.50 |
| 10 gallons of lip gloss base | $399.9 |
| 2 storage units of products | $180 per month, per unit |
| Total | $6669.9 |
Merchandise in stock:
| Lipsticks (21 different shades, 210 in stock) | $1,327.20 |
| Lip glosses (42 different colors, 189 in stock) | $1,319.22 |
| Blushes (22 different shades, 152 in stock) | $1,366.48 |
| Eye liners (73 in stock) | $202.21 |
| Eye shadow pallets (5 different pallets, 200 in stock) | $3,998 |
| Body Scrubs (18 unique scrubs, 400 in stock) | $3580 |
| Moisturizers (11 unique moisturizers, 204 in stock) | $2,445.96 |
| Soaps (34 different soaps, 900 in stock) | $3,222 |
| Total | $17461.07 |
Current Assets:
| Cash | $53,980.89 |
| Accounts Receivable | $4,240.79 |
| Total | $58,221.68 |
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Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
