The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $165,000; 2. Pay $40,000 in salaries to employees for work performed during the month; 3. Sell merchandise that cost $120,000 to customers on account for $200,000 4. Collect $180,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $145,000. Prepare a preliminary income statement based on those transactions. Cougar Creamery Preliminary Income Statement F2 20 F4 F5 Saved

The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $165,000; 2. Pay $40,000 in salaries to employees for work performed during the month: 3. Sell merchandise that cost $120,000 to customers on account for $200,000 4. Collect $180,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $145,000. Prepare a prefiminary income statement based on those transactions