prepare an income statement

Prior to October 2022, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows. 1. Inventory balances at the beginning and end of October were: 2. Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities. Sage Hill Company is a manufacturer of smartphones. Its controller resigned in October 2022. An inexperienced assistant accountant nas prepared the following income statement for the month of October 2022. Advertising Expense Cost of Goods Available for Sale Cost of Goods Manufactured Cost of Goods Sold Depreciation Expense-Sales Equipment Finished Goods Inventory, October 1 Finished Goods Inventory, October 31 Gross Profit Insurance Expense Net Income / (Loss) Operating Expenses Sales Revenue Selling and Administrative Salaries Total Operating Expenses Utilities Expense Work in Process Inventory, October 1 Work in Process Inventory, October 31 Raw Materials Inventory, October 1 Raw Materials Inventory, October 31 e Iexdook ana iviedia