On January 1, 2013, Lindsay Owens opened Picture Perfect, 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 January1, 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, Lindsay Owens opened Picture Perfect, 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 January1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.
Chapter2: Building Blocks Of Managerial Accounting
Section: Chapter Questions
Problem 3PB: Puzzles, Pranks ** Games is a retail business selling children’s toys and games as well as a wide...
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- On January 1, 2013, Lindsay Owens opened Picture Perfect, 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 January1, 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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