Prepare traditional income statement

Assignment Help Accounting Basics

Reference no: EM13320703

Scottsdale Fine Piano%u2019s purchases pianos from a well-known manufacturer and sells them through their retail store. The Baby Grand Pianos sell, on average, for $2,500 each. The average cost of a piano from the manufacturer is $1,500. The costs that the Company incurs in a typical month are presented below.

Selling Costs:

Advertising $ 950 Per Month
Delivery of Pianos $ 60 Per Piano Sold
Sales Salaries and Commissions $ 4,800 Per Month, plus 4% of Sales
Utilities $ 650 Per Month
Depreciation on Sales Facilities $ 5,000 Per Month
Administrative Costs:
Executive Salaries $13,500 Per Month
Depreciation of Office Equipment $ 900 Per Month
Clerical $ 2,500 Per Month, plus $40 Piano Sold
Insurance $ 700 Per Month
During August, the Company sold and delivered 60 pianos
prepare traditional income statement
prepare a conttibuted income statement

Reference no: EM13320703

Questions Cloud

Find the total sound intensity : A man stands at the midpoint between two speakers that are broadcasting an amplified static hiss uniformly in all directions. Find the total sound intensity that the man hears when he is at his initial position halfway between the speakers

Budgetary journal entry at the beginning of fiscal : Actual revenues are equal to estimated revenues, and actual expenditures are $7,000 less than appropriations.

Federal income taxes for the employee : Which form is used to report FICA taxes for the employer and employee, and also federal income taxes for the employee?

What was the final temperature of the coins : In a physics lab experiment, a student immersed 206 one-cent coins (each having a mass of 3.00g ) in boiling water. What was the final temperature of the coins

Prepare traditional income statement : Scottsdale Fine Piano%u2019s purchases pianos from a well-known manufacturer and sells them through their retail store. The Baby Grand Pianos sell, on average, for $2,500 each

Compute the final pressure of the gas : A quantity of carbon monoxide gas is slowly compressed adiabatically in an insulated container to one-half of its volume. determine the final pressure of the gas

Calculate the carbon content required at surface of steel : A 0.02wt% C steel is to be carburized at 1200°C in 4 hrs with a point 0.6mm beneath the surface reaching 0.45wt%C. calculate the carbon content required at the surface of the steel.

Calculate the wavelength of the laser light : A laser beam is incident on two slits 0.100 mm apart and a screen is placed 4 m from the slits. what is the wavelength of the laser light

Calculate the focal length of this lens : A glass lens has a convex surface with radius 25.0 cm and a concave surface with a radius of 50.0 cm. Calculate the focal length of this lens

User Account

All Pages