Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Keep getting expenses category incorrect....help Use the following revenue and cost information for the income statement. Note that the revenue you use will depend on

image text in transcribedimage text in transcribed

Keep getting expenses category incorrect....help

Use the following revenue and cost information for the income statement. Note that the revenue you use will depend on the pricing level options you chose in Milestone Two. Also, assume that after accounting for weekends and other holidays, there were 20 business days in the first month of operation. For example, if you chose a sales price of $20 per collar, the actual number of collars sold in the month was 33 per day or 33 x 20 = 660 per month. Established Sales Number of Items Sold per Price Day Collars $20 33 $24 28 $28 23 Leashes $22 28 $26 23 $30 18 Harnesses $25 25 $30 22 $35 20 The other costs incurred by the business include: General and administrative salaries Receptionist: $1,950 Office supplies: $200 Other business equipment: $150 Collars Leashes Harnesses O Total Revenue: 1 Cost of goods sold 2 Gross profit 3 4 Expenses: 5 General and administrative salaries 5 Office supplies 2 Other business equipment 3 Milestone Three - Income Statement Revenue: D 2 B 4 Total Expenses Net Income/Loss $ 12,880 10,800 14,000 $ $ $ $ 37,680 (28,258) 9,422 6,622.00

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_2

Step: 3

blur-text-image_3

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

Technical Guide On Internal Auditing Including Internal Audit Survey 2014

Authors: Taxmann

2015th Edition

9350716615, 978-9350716618

More Books

Students also viewed these Accounting questions

Question

7. How does each of these characters achieve epiphany?

Answered: 1 week ago

Question

The Functions of Language Problems with Language

Answered: 1 week ago

Question

The Nature of Language

Answered: 1 week ago