Prepare traditional income statement, Financial Accounting

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

 

Posted Date: 2/19/2014 4:13:37 AM | Location : United States







Related Discussions:- Prepare traditional income statement, Assignment Help, Ask Question on Prepare traditional income statement, Get Answer, Expert's Help, Prepare traditional income statement Discussions

Write discussion on Prepare traditional income statement
Your posts are moderated
Related Questions
Fiscal Policy In a democracy, elected officials of the government create programs for the general welfare of the population. To pay for these programs, the government taxes in

Notice an Rs.50, 000 investment in a one year fixed deposit and rolled over yearly for the subsequently two years.  The interest rate for the primary year is 5 percent  yearly and

1. Calculate the profitability index for a project that has a net present value equal to -$10,000. The project's net investment is $20,000. 2. A project requires a net investmen

Fund accounting and preparation of financial statements) The scenario: At the start of the year beginning January 1, 2013, Coco City's General Fund had a cash balance of $40,000, v

The family next door just received a $300,000,000 cash payout after winning the lottery. You talked with them and are trying to convince them to let you manage a portfolio of inves

LIMITATIONS O F FINANCIAL ACCOUNTING 1. Simply transactions which can be calculated in terms of money can be recorded in the books of accounts. Actions, though important t

Q. Risk and Return - issue of debt? Raising debt finance will raise the gearing and the financial risk of the company while raising equity finance will lower gearing and financ

Resulting trusts Resulting trusts occur where equity regards the property which is held by a trustee as belonging in equity to the person who transferred it to, or caused it to

Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10

48 Morgado Inc. has provided the following data to be used in evaluating a proposed investment project: Initial investment $130,000 Annual cash receipts $78,000 Life of th