On January 1, 2013, Diana Walkers opened Walkers, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7,000 Sales revenue $90,000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9,600 Inventory on January 1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.
On January 1, 2013, Diana Walkers opened Walkers, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7,000 Sales revenue $90,000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9,600 Inventory on January 1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 1PA: A partial work sheet for The Fan Shop is presented here. The merchandise inventory at the beginning...
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On January 1, 2013, Diana Walkers opened Walkers, a small retail store that
sells picture frames, crafts & art. On June 30, 2014, her accounting records show the
following:
Store rent $7,000 Sales revenue $90,000
Sales salaries 4,500 Store utilities 1,950
Freight in 600 Purchase of merchandise 36,000
Inventory on June 30, 2014 9,600 Inventory on January 1, 2014 12,000
Advertising expense 2,300
Prepare an income statement for Picture Perfect, a merchandiser, for the period ended
June 30, 2014.
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