Use the following information to prepare an income statement for Fairchild Corporation for the year ended December 31, 2003. You should show separate classifications for revenues, cost of goods sold, gross margin, selling expenses, general and administrative expenses, operating income, other revenues and expenses, income before income taxes, income taxes, and net income. (HINT: Net income is $27,276.)
|
Sales Returns |
4,280 |
|
Income Taxes |
26,000 |
|
Interest Revenue |
2,400 |
|
Office Supplies Expense (General and Administrative) |
400 |
|
Utilities Expense (General and Administrative). |
$3,980 |
|
Office Salaries Expense (General and Administrative) |
$12,064 |
|
Miscellaneous Selling Expenses |
460 |
|
Insurance Expense (Selling). |
1,160 |
|
Advertising Expense |
6,922 |
|
Sales Salaries Expense |
40,088 |
|
Sales Discounts |
3,644 |
|
Interest Expense |
1,170 |
|
Miscellaneous General and Administrative Expenses |
620 |
|
Insurance Expense (General and Administrative) |
$600 |
|
Payroll Tax Expense (General and Administrative) |
3,600 |
|
Store Supplies Expense (Selling) |
800 |
|
Delivery Expense (Selling) |
2,198 |
|
Inventory, January 1, 2003 |
79,400 |
|
Sales Revenue. |
395,472 |
|
Average number of shares of stock outstanding |
10,000 |
|
Cost of Goods Sold |
$262,610 |
|
Purchases |
230,560 |
|
Purchases Discounts |
3,050 |
|
Inventory, December 31, 2003 |
44,300 |