Question
Resolve the following income statement Business Name: IDEOVIO SA de CV Period from 1 January to 24 October 2012 Sales $ 850.000 Purchases $ 540,000
Resolve the following income statement
Business Name: IDEOVIO SA de CV Period from 1 January to 24 October 2012
| |||
Sales | $ 850.000 | Purchases | $ 540,000 |
Initial inventory | $910.000 | Final inventory | $765,000 |
Returns on sales | $ 8,000 | Returns on purchases | $9,000 |
Purchase costs | $2,000 | Store rent | $30,000 |
Office rental | $15,000 | Agent salaries | $18,000 |
Commissions of agents and dependents | $8,000 | Freight and haulage of goods sold | $3,000 |
Advertising | $19,000 | Salaries of office staff | $31,000 |
Accountant's salary | $18,000 | Sales on purchases | $4,000 |
Stationery and office supplies | $2,500 | Dividends charged | $5,000 |
Sales rebates | $ 5,000 | Driver's salary | $5,000 |
Loss on sale of shares and securities | $4,000 | Profit on the sale of fixed asset securities | $5,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started