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Prepare the income statement for the year ended december

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Reference no: EM131339302

Accounting Assignment

Assignment Choice: Income Statement

Complete the following exercise. Fill in the Excel spreadsheet provided via the link at the bottom of the page to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c.

Administrative Expenses

$ 70,000

Finished Goods Inventory January 1, 20X3

$120,000

Cost of Goods Manufactured during the year

$200,000

Finished Goods Inventory December 31, 20X3

$ 60,000

Selling Expenses

$ 40,000

Sales

$680,000

Required:

1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20X3. (Assume a 30% income tax.)

2. Provide at least three performance ratios regarding Superior Manufacturing Company, and comment on the company's performance.

3. Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.

Reference no: EM131339302

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