17) Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012: Merchandise inventory, January 1, 2012 $10,000 Merchandise inventory, December 31, 2012 $7,000 Purchases $95,000 Selling and Administrative Expenses $65,000 Sales Revenue $180,000 Required: Prepare an income statement for the year ended December 31, 2012. Please use the format provided below, and include a vertical analysis showing percentages rounded to the nearest tenth of a percent. Sales revenue Cost of goods sold Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold Gross profit Selling and administrative expenses Net income/(loss) 18) Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012: Merchandise inventory, January 1, 2012 $10,000 Merchandise inventory, December 31, 2012 $7,000 Purchases $95,000 Selling and Administrative Expenses $65,000 Sales Revenue $180,000 Required: Prepare an income statement for the year ended December 31, 2012. Please use the format provided below, and include a vertical analysis showing percentages rounded to the nearest tenth of a percent.

17) Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012: Merchandise inventory, January 1, 2012 $10,000 Merchandise...

17) Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012:

Merchandise inventory, January 1, 2012	$10,000
Merchandise inventory, December 31, 2012	$7,000
Purchases	$95,000
Selling and Administrative Expenses	$65,000
Sales Revenue	$180,000

Required:
Prepare an income statement for the year ended December 31, 2012. Please use the format provided below, and include a vertical analysis showing percentages rounded to the nearest tenth of a percent.

Sales revenue
Cost of goods sold
Beginning inventory
Purchases
Cost of goods available for sale
Ending inventory
Cost of goods sold
Gross profit
Selling and administrative expenses
Net income/(loss)

18) Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012:

Merchandise inventory, January 1, 2012	$10,000
Merchandise inventory, December 31, 2012	$7,000
Purchases	$95,000
Selling and Administrative Expenses	$65,000
Sales Revenue	$180,000

May 15, 2022

SOLUTION.PDF

17) Excellent Company sells accounting textbooks. The following information summarizes Excellent's operating activities for 2012: Merchandise inventory, January 1, 2012 $10,000 Merchandise...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment