Excellent, Inc sells accounting textbooks
The following information summarizes Excellent's operating activities for the year:
Merchandise Inventory, January 1 $10,000
Merchandise Inventory, December 31 7,000
Purchases 95,000
Selling and Administrative Expenses 65,000
Sales Revenue 180,000
Required: Prepare Excellent, Inc's income statement for the year ended December 31.
What will be an ideal response
Excellent, Inc.
Income Statement
Year Ended December 31, 20XX
Sales Revenue $180,000
Cost of Goods Sold
Beginning Inventory $10,000
Purchases 95,000
Cost of Goods Available for Sale 105,000
Ending Inventory (7,000 )
Cost of Goods Sold 98,000
Gross Profit 82,000
Selling and Administrative Expenses 65,000
Operating Income $17,000
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