The following information relates to Marshall Manufacturing's current accounting period: Raw materials used $ 34,000 Direct...
The following information relates to Marshall Manufacturing's current accounting period: Raw materials used $ 34,000 Direct labor wages 66,000 Sales salaries and commissions 50,000 Depreciation on production equipment 6,000 Rent on manufacturing facilities 4,000 Administrative supplies and utilities 10,000 Sales revenue 210,000 Units produced 10,000 Units sold 10,000 Based on this information, what is the company's net income?
Homework Answers
| Ans. | INCOME STATEMENT | |||
| Particulars | Amount | Amount | ||
| Sales revenue (A) | $210,000 | |||
| Less: Expenses: | ||||
| Raw materials used | $34,000 | |||
| Direct labor wages | $66,000 | |||
| Depreciation on production equipment | $6,000 | |||
| Rent on manufacturing facilities | $4,000 | |||
| Sales salaries and commissions | $50,000 | |||
| Administrative supplies and utilities | $10,000 | |||
| Total expenses (B) | $170,000 | |||
| Net income (A - B) | $40,000 | |||
| *This is the single step income statement. So, the expenses are not classified separately. | ||||
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