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Income Statement Percentages
Slapshot Company makes ice hockey sticks and sold 17,000 sticks during the month of June at a total cost of $431,000. Each stick sold at a price of $90. Slapshot also incurred two types of selling costs: commissions equal to 15% of the sales price, and other selling expense of $200,000. Administrative expense totalled $115,000.
Required:
Problem 1: Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round percentages to one decimal place.)
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