On October 31, 2016, the balances of the accounts appearing in the ledger of Pre

Question

On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $740,900 526,350 Administrative Expenses Building Cash Common Stock Cost of Merchandise Sold Dividends Interest Expense 2,507,600 180,350 304,450 3,852200 169,650 10200 1,022600 238,600 9,050 1,267 250 7.700 6,264,600 735,850 06.750 Merchandise Inventory Notes Payable Office Supplies Retained Earnings Salaries Payable Sales Seling Expenses Store Supplies

Explanation / Answer

Prestige Furnishings Company

Income Statement

For the year ended October 31, 2016 (Amounts in $)

Sales 6,264,600 Less: Cost of merchandise sold (3,852,200) Gross Profit (A) 2,412,400 Operating Expenses Administrative Expenses 526,350 Selling Expenses 735,850 Total Operating Expenses (B) (1,262,200) Income from Operations (C = A-B) 1,150,200 Other Income and Expense Interest Expense (D) (10,200) Net Income (C-D) 1,140,000

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