From the following information, prepare an income statement for Moriancumer, Inc., for the year ended December 31,

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From the following information, prepare an income statement for Moriancumer, Inc., for the year ended December 31, 2009.

Gross Sales Revenue ....................................................$4,230,000

Income Taxes ............................................................. 99,000

Cost of Goods Sold ...................................................... 3,116,000

Sales Salaries Expense ................................................... 350,000

Rent Expense (Selling) ................................................... 16,000

Payroll Tax Expense (Selling) .......................................... 4,900

Entertainment Expense (Selling) ....................................... 1,500

Miscellaneous Selling Expenses ........................................ 6,300

Miscellaneous General and Administrative Expenses ............... 5,400

Automobile Expense (Selling) .......................................... 3,500

Insurance Expense (General and Administrative) ....................700

Interest Expense ........................................................... 39,000

Interest Revenue .......................................................... 2,000

Sales Returns ............................................................... 8,000

Advertising and Promotion Expense .................................... 204,000

Insurance Expense (Selling) ............................................... 17,000

Delivery Expense (Selling) ................................................ 3,100

Office Supplies Expense (General and Administrative) ............... 8,000

Utilities Expense (General and Administrative) ........................ 1,100

Administrative Salaries Expense ......................................... 200,000

Fire Loss (net of tax) ...................................................... 50,000

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Financial Accounting

ISBN: 978-0324645576

10th edition

Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice

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