Question:
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.