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P1-5B Cinta Company is a manufacturer of toys. Its controller resigned in August 2011. An inexperienced assistant accountant has prepared the following income statement for the month of August 2011.
CINTA COMPANY
Income StatementFor the Month Ended August 31, 2011Sales (net) $675,000Less: Operating expensesRaw materials purchases $220,000Direct labor cost 160,000Advertising expense 75,000 Selling and administrative salaries 70,000 Rent on factory facilities 60,000Depreciation on sales equipment 50,000 Depreciation on factory equipment 35,000 Indirect labor cost 20,000Utilities expense 10,000Insurance expense 5,000 705,000 Net loss $ (30,000)
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