Reference no: EM132705171
Problem 1: Using the information below complete an Income Statement for a Merchandising Business by the name of Eastern Merchandising Company The Income Statement is for one year ending December 31st, 2019.
Sales - $231,967
Inventory January 1st, 2019 - $55,325
Purchases for the year - $120,402
Inventory December 331st, 2019 - $57,350
Bank Charges Expense - $375
Building Maintenance Expense - $875
Car Expense - $2,507
Amortization Expense - $1,075
Miscellaneous Expense - $275
Rent Expense - $12,000
Telephone Expense - $957
Utilities Expense - $1,850
Wages Expense - $36,587
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