Acct 2302 Review Exam Ch 16-22 Due Tuesday, April 17 Name: Answer the following

Question

Acct 2302 Review Exam Ch 16-22 Due Tuesday, April 17 Name: Answer the following questions on your own paper. legible! Please make sure that it is neat, organized and Onyx Corporation has provided the following information about its operating activities for the year Merchandise Inventory, January 1 Merchandise Inventory, December 31 Purchases Selling and Administrative Expenses Sales Revenue $150,000 75,000 854,000 65,000 1,000,000 Required: Prepare Onyx's income statement for the year ended December 31, including the heading

Explanation / Answer

Income statement :

Sales 1000000 Beginning inventory 150000 Purchase 854000 Cost of goods available for sale 1004000 Less: Ending inventory -75000 Cost of goods sold -929000 Gross profit 71000 Less: Selling and administrative expense -65000 Net operating income 6000

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