Income statement

Income statement

For the year ended December 31, 20Ă—1

Particulars Amount $ Amount $
Sales revenue 205,800
Deduct: cost of goods sold 170,400
Gross Margin 35,400
Deduct: Selling and administrative overheads
Selling and administrative overheads 13,800
Utilities for selling and administrative offices 2,500
Other selling and administrative expenses 4,000
Depreciation on card used by sales personnel 1,200
Rental of space for company president’s office 1,700
23,200
Income before taxes 12,200
Deduct: income tax expenses 5,100
Net Income 7,100

 

Problem 3-50

The cost of goods manufactured= (the opening work in process+ Total manufacturing costs-closing work in process)

Huron Corporation

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