Income Statement Revenue: Collars $ 322,560 Leashes 271,040 Harnesses 312,500 Total Revenue: $ 906,100 Cost of goods sold 28,258 Gross profit $ 877,842 Expenses: General
Income Statement
Revenue:
Collars $ 322,560
Leashes 271,040
Harnesses 312,500
Total Revenue: $ 906,100
Cost of goods sold 28,258
Gross profit $ 877,842
Expenses:
General and administrative salaries $ 1,950
Office supplies 200
Other business equipment 150
Total Expenses $ 2,300.00
Net Income/Loss $ 875,542.00
[Based on your income statement, logically interpret the businesss performance against the provided benchmarks. Did the company do as well as expected? Explain what happened.]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Based on the provided income statement the business appears to have performed exceptionally well exceeding expectations Key observations 1 Total Reven...
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Step: 2
Step: 3
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Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
