In April, Holderness Incorporated, a merchandising company, had sales of $256,000, selling expenses of $17,500, and...

Transcribed Image Text:

In April, Holderness Incorporated, a merchandising company, had sales of $256,000, selling expenses of $17,500, and administrative expenses of $28,500. The cost of merchandise purchased during the month was $162,000. The beginning balance in the merchandise inventory account was $37,500 and the ending balance was $51,500. Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Selling and administrative expenses: In April, Holderness Incorporated, a merchandising company, had sales of $256,000, selling expenses of $17,500, and administrative expenses of $28,500. The cost of merchandise purchased during the month was $162,000. The beginning balance in the merchandise inventory account was $37,500 and the ending balance was $51,500. Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Selling and administrative expenses: