Prepare Statements for a Merchandising Company
Powell Street Electronics has provided the following information for February:
|
Sales revenue |
$ 807,000 |
|
Store rent |
43,600 |
|
Store utilities |
27,100 |
|
Administrative costs |
57,750 |
|
Sales commissions |
128,300 |
|
Merchandise purchases |
545,500 |
|
Transportation in costs |
21,200 |
|
Merchandise inventory, February 1 |
37,100 |
|
Merchandise inventory, February 28 |
41,800 |
Required
Prepare an income statement for February with a supporting cost of goods sold statement.