Prepare an income statement for Rex manufacturing for the year ended December 31 using the following information

Finished goods inventory ending $17,000 general and administrative expenses 15,000 accounts receivable 19,000 finished goods inventory beginning 20,000 cost of goods manufactured 41,000 selling expenses 13,000 cash 56,000 land 29,000 sales 94,000 equipment 2000

The preparation of the income statement for the year ended December 31 is as follows:

Sales $94,000

Cost of goods sold  

Begininng finish goods inventory $20,000

Add:Cost of goods manufactured $41,000

Cost of goods available for sale $61,000

Less: Ending finish goods inventory -$17,000

Cost of goods sold $44,000

Gross margin  $50,000

Less: Operating Expenses  

General and Advertising Expenses $15,000

Selling Expenses $13,000

Total operating Expenses $28,000

Operating Income  $22,000

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The income statement for Rex Manufacturing Co. for the year ended December 31, is as follows:

REX MANUFACTURING CO.

For the year ended December 31

Sales Revenue                                $94,000

Cost of goods sold                           44,000

Gross profit                                    $50,000

Operating expenses :

General &

advertising expenses $15,000

Selling expenses         $13,000  $28,000

Net Income                                 $22,000

An income statement is a financial statement that shows an entity's performance for a financial period.

The income statement shows the difference between Sales Revenue,  Cost of goods sold and other expenses, which is regarded as the net income or loss.

Begininng finish goods inventory $20,000

Cost of goods manufactured         $41,000

Cost of goods available for sale    $61,000

Ending finish goods inventory       $17,000

Cost of goods sold                        $44,000

Thus, the income statement of Rex Manufacturing indicates a net income of $22,000.

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