Solution-Construct a profit and loss statement

Construct a profit and loss statement

Reference no: EM133171893

Question - Construct a Profit and Loss Statement for "Best Lamps from California Company" from June 15, 2020 through January 15, 2021 with the following information:

Sales of Lamps: $450,000

Sales of Bulbs: 30,000

Sales of Wire: 20,000

Salary paid; 100,000

Commission paid: 50,000

Rent of Factory: 80,000

Other Expense: 20,000

Purchase of Material 120,000

Tax 25% of Gross Profit.

Reference no: EM133171893

Questions Cloud

Identify the weaknesses point and control activities : Raw materials are imported from China and purchasing clerk prepares costing sheets, Identify weaknesses point and control activities over inventory valuation

What is the payback period : VM's Board of Directors currently requires a rate of return of 10%, and you expect inflation to remain relatively constant at 4%. What is the Payback period

What is industrial return on equity : Industrial Corporation has a net income-to-sales (profit margin) ratio of 0.03, a sales-to-assets - What is Industrial return on equity

Elements of the supply chain flow : Where can you find a summary of the elements of the supply chain flow that are discussed in chapter 6 - Where can you find an explanation for the differences

Construct a profit and loss statement : Construct a Profit and Loss Statement for "Best Lamps from California Company" from June 15, 2020 through January 15, 2021

What is the profit or loss at the sale price : During a sale, their watches were marked down by 50%. What is the profit or loss at the sale price if they purchased the watches at $318 each

Critically evaluate how the coordinated strategies : Critically evaluate how the coordinated strategies can be practically applied - Use the coordinated strategies in the wider context of the conceptual model

Calculate the expected profit : Waterway, Inc. Produces stereo speakers. The selling price per pair of & speakers is $1,000. Calculate the expected profit

Explain how companies recognize accounts receivable : Explain how companies recognize accounts receivable. Describe the statement presentation of receivables and the principles of receivables management

User Account

All Pages

Construct a profit and loss statement

Reference no: EM133171893

Reference no: EM133171893

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Discuss the various new issues related to jenny and jason

How often should a company prepare budget reports

Identify audit procedures normally associated with events

Partner q is retiring from the qrs partnership the

How much of the loss from Activity XYZ may John deduct

You are auditing the accounts receivable balance of a cable

Computing annual predetermined overhead rate

The current asset section of the excalibur tire companys

What is the coupon rate for a bond

How much will you have in savings immediately

Compute the net pay for this period

Calculate the Intrinsic Value of Equity

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT