FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Adam's Sales Corporation had the following accounting information as of June 30, 2023.
Sales
Ending Inventory
Beginning Inventory
Purchases
Variable Selling Expenses
Variable Administrative Expenses
Fixed Selling Expenses
Fixed Administrative Expenses
$2,230,200
$7,931,500
$5,500,000
$3,550,000
$250,200
$219,700
$86,700
$138,400
Prepare an income statement for the fiscal year-end for external reporting purposes.
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Transcribed Image Text:Adam's Sales Corporation had the following accounting information as of June 30, 2023. Sales Ending Inventory Beginning Inventory Purchases Variable Selling Expenses Variable Administrative Expenses Fixed Selling Expenses Fixed Administrative Expenses $2,230,200 $7,931,500 $5,500,000 $3,550,000 $250,200 $219,700 $86,700 $138,400 Prepare an income statement for the fiscal year-end for external reporting purposes.
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