Income Statement 140186

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. 



income_statement.xlsx 



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.