Reference no: EM132617248

2020 was the first year of operations for Shern's Skirts Sherri ordered 500 skirts for $10 each. After sewing unique designs on her products, Sherri sold 400 skirts for $30 apiece She also received special orders (custom design) for 100 skirts, which she sold for $50 each, Her other cash outflows were $10,000 salary for herself, a $1,000 sewing machine (expected to last 5 years), and $500 a month for rental of a sales booth In 2021. Sherri is expecting to sell 700 skirts (purchased for $10 each), of which 200 will be custom design, To achieve the higher sales, Sherri will rent a bigger more visible sales booth for $1:000 a month The other expenses are expected to remain the same.

Type out Sherri's 2020 Income Statement, Correctly format your work, putting dollar signs at the appropriate places and indicate which numbers should be double-underlined using a DU label Also, analyze and comment on things Sherri has done well things she could improve on, and things

Problem 1: Provide information for both 2020 and 2021 in proper income statement format