Respuesta :
The preparation of the income statement for the year ended December 31 is as follows:
Sales $94,000
Cost of goods sold
Begininng finish goods inventory $20,000
Add:Cost of goods manufactured $41,000
Cost of goods available for sale $61,000
Less: Ending finish goods inventory -$17,000
Cost of goods sold $44,000
Gross margin $50,000
Less: Operating Expenses
General and Advertising Expenses $15,000
Selling Expenses $13,000
Total operating Expenses $28,000
Operating Income $22,000
Learn more about the income statement here: brainly.com/question/14308954
The income statement for Rex Manufacturing Co. for the year ended December 31, is as follows:
REX MANUFACTURING CO.
Income Statement
For the year ended December 31
Sales Revenue $94,000
Cost of goods sold 44,000
Gross profit $50,000
Operating expenses :
General &
advertising expenses $15,000
Selling expenses $13,000 $28,000
Net Income $22,000
What is an income statement?
An income statement is a financial statement that shows an entity's performance for a financial period.
The income statement shows the difference between Sales Revenue, Cost of goods sold and other expenses, which is regarded as the net income or loss.
Data and Calculations:
Cost of goods sold:
Begininng finish goods inventory $20,000
Cost of goods manufactured $41,000
Cost of goods available for sale $61,000
Ending finish goods inventory $17,000
Cost of goods sold $44,000
Thus, the income statement of Rex Manufacturing indicates a net income of $22,000.
Learn more about income statement at https://brainly.com/question/24470417
#SPJ1
