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Category > Accounting Posted 25 Sep 2017 My Price 5.00

Acme Fireworks

(Statement of Comprehensive Income Presentation) Acme Fireworks had sales in June of $350,000 for its stores in Hamilton, Vancouver, and Calgary. The beginning merchandise inventories for June and July were $120,000 and $135,000, respectively. June purchases totalled $220,000. All sales are on account (terms 2/15, net 30 days) and 50% is collected in the month of the sale and 50% is collected in the following month. As a result, one-half of all sales discounts are taken. May sales totalled $285,000, while July sales were $385,000. Additional information for June is as follows:

Supplies used

$1,000,000

Salaries and benefits

1,500,000

Maintenance

45,000

Amortization

9,000

Utilities

35,000

Prepare a statement of comprehensive income for the company for the month of June.

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Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 05:09 PM My Price 5.00

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