(Statement of Comprehensive Income Presentation) Acme Fireworks had sales in June of $350,000 for its stores in Hamilton, Vancouver, and Calgary. The beginning merchandise inventories for June and July were $120,000 and $135,000, respectively. June purchases totalled $220,000. All sales are on account (terms 2/15, net 30 days) and 50% is collected in the month of the sale and 50% is collected in the following month. As a result, one-half of all sales discounts are taken. May sales totalled $285,000, while July sales were $385,000. Additional information for June is as follows:
|
Supplies used |
$1,000,000 |
|
Salaries and benefits |
1,500,000 |
|
Maintenance |
45,000 |
|
Amortization |
9,000 |
|
Utilities |
35,000 |
Prepare a statement of comprehensive income for the company for the month of June.