Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jewelry 4 U makes necklaces them in their retail store. Prepare a traditional income statement below based on the following data. Revenue: Quantity of necklaces

image text in transcribed
Jewelry 4 U makes necklaces them in their retail store. Prepare a traditional income statement below based on the following data. Revenue: Quantity of necklaces sold 400 necklaces sold Average sale price of necklace $ 50 per necklace Cost of Goods Sold $ 11 per necklace Selling Expenses: Advertising $ 1,500 per month Sales salaries and commissions 900 per month, plus 4% of sales Delivery of necklaces to customers 8 per necklace Store Rent 900 per month Depreciation of sales equipment 600 per month Administrative Expenses: Office salaries $ 4,000 per month Employee benefits 600 per month Clerical 800 per month, plus $6 por necklace Depreciation of office equipment 900 per month Jewelry 4 U Traditional Income Statement For the month ended December 31 Sales Cost of goods sold Gross profit Selling expenses Advertising Sales salaries commissions Delivery of necklace Store Ron Depreciation of salesment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Your Human Resources Department A Step By Step Guide

Authors: John H. McConnell

1st Edition

0814474675, 978-0814474679

More Books

Students also viewed these Accounting questions