In December, Vollick Corporation had sales of $245,000, selling expenses of $23,000, and administrative expenses of $26,000.

Question:

In December, Vollick had sales of $245,000, selling expenses of $23,000, and administrative expenses of $26,000. The cost of goods manufactured was $190,000. The beginning balance in the finished goods inventory account was $59,000 and the ending balance was $56,000.

Required:
Prepare an Income Statement in good form for December.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...