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







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