prepare income statement

Project Description:

for this task, you will be preparing entries and an income statement for packer company. information for this firm is given below. here are the transactions:

1. packer company purchased 200 cheeseheads for $2,000 total, terms 1/10, n/45.
2. packer paid $100 to have the cheeseheads shipped to its warehouse.
3. packer returned 50 cheeseheads to the supplier and received $500 credit.
4. packer sold 100 of the cheeseheads to a customer for $1,900 on account, terms 2/10, n/30.
5. packer paid the balance due 16 days after purchasing the inventory.
6. the customer returned 10 cheeseheads.
7. an allowance was given to the customer for $100, due to some slightly damaged cheeseheads.
8. the customer paid the balance due within the discount period.

also assume packer company had salaries expense for the period of $140, utilities expense of $77.50, and interest revenue of $90. packer company's income tax rate is 30%.

prepare a multiple-step income statement for packer company for the period.

**this needs to be completed by 10/15/15 at 5:00 pm central standard time**

**cost is fixed at $10 or below**
Skills Required:
Project Stats: Edited

Price Type: Fixed

Project Budget: $0 to $10
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