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Income Statement (50 Points)
Complete the following exercise. Fill in the
Excel spreadsheet provided via the link below to provide your answers to part
a. Then paste the Excel data into a Word document on which you can also write
the answer to part b.
Administrative
Expenses…………………………………………………………………………….
$ 70,000
Finished Goods Inventory January 1,
2011……………………………………………………..
120,000
Cost of Goods Manufactured during the
year…………………………………………………
200,000
Finished Goods Inventory December 31,
2011………………………………………………..
60,000
Selling Expenses……………………………………………………………………………………….
40,000
Sales……………………………………………………………………………………………………….
680,000
Required:
1.
Using the information for Superior Manufacturing Company,
prepare the income statement for the year ended December 31, 2011. (Assume a 30
% income tax.)
2.
Create a report between 200 and 300 words in length for
leadership. The topic is the state of this company. Make some suggestions if
there are areas you feel need to be further investigated.
