On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following:opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the Store Rent$7,000Sales Revenue$90,000Sales Salaries $4,500Store Utilities$1,950Freight in$600Purchase of Merchandise$36,000Inventory on June 30th 2014$9,600Inventory on January 1, 2014$12,000Advertising Expense$2,300 a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.

>Income Statement is one of the financial statement. >It shows various revenues and…

Answered: On January 1, 2013, Gwen Harvey sells…

Principles of Accounting Volume 2

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ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

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On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following:

opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the

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 30th 2014	$9,600	Inventory on January 1, 2014	$12,000
Advertising Expense	$2,300

a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.

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