Accounting Assignment
Assignment Choice: Income Statement
Complete the following exercise. Fill in the Excel spreadsheet provided via the link at the bottom of the page to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c.
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Administrative Expenses
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$ 70,000
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Finished Goods Inventory January 1, 20X3
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$120,000
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Cost of Goods Manufactured during the year
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$200,000
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Finished Goods Inventory December 31, 20X3
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$ 60,000
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Selling Expenses
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$ 40,000
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Sales
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$680,000
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Required:
1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20X3. (Assume a 30% income tax.)
2. Provide at least three performance ratios regarding Superior Manufacturing Company, and comment on the company's performance.
3. Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.