Income Statement Exercise for House Organs Inc
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Can you help me prepare a traditional income statement for November (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in the response). The Income Statement ending is at the bottom, with blanks to be filled.
Information:
House of Organs, Inc., purchases organs from a well-known manufacturer and sells them at the retail level. The organs sell, on the average, for $2,300 each. The average cost of an organ from the manufacturer is $1,502. The costs that the company incurs in a typical month are presented below:
Costs Cost Formula
Selling:
Advertising $945 per month
Delivery of organs $58 per organ sold
Sales salaries and commissions $4,805 per month, plus 4% of sales
Utilities $654 per month
Depreciation of sales facilities $4,919 per month
Administrative:
Executive salaries $13,584 per month
Depreciation of office equipment $883 per month
Clerical $2,490 per month, plus $38 per organ sold
Insurance $709 per month
During November, the company sold and delivered 60 organs.
Income Statement Question:
House Of Organs, Inc.
Traditional Income Statement
For the Month Ended November 30
$
Selling and administrative expenses:
Selling expenses:
$
Total selling expenses
Administrative expenses:
Total administrative expenses
Total selling and administrative expenses
$
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Solution Summary
Income statement exercise for House Organs Inc is examined. The cost that the company incurs in a typical month is presented.
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Dear student,
The solution of traditional income statement is provided in a separate excel file attached in the acceptable format.
House of Organs
Traditional Income statement
For the month ending November 30th ...
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