Question

                                       Guis company ltd sells sta

                                       Guis company ltd sells standard lipsticks. The following information summarises guis operating activities for 2019

Selling and administrative expenses 49680

Purchases 78000

Sales revenue 138000

Inventory, 1 july 2018(beginning) 7500

Inventory, 30 june 2019(ending) 12360

prepare an income statement

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Answer #1
GUIS COMPANY
Income Statement
For the Year Ended 30th June 2019
$ $
Sale Revenue     138,000.00
Less: Cost of goods sold :
Beginning Inventory         7,500.00
Purchases       78,000.00
Cost of Goods Available for Sale       85,500.00
Ending Inventory     (12,360.00)
Cost of Goods Sold       73,140.00
Gross Profit       64,860.00
Less: Selling and Administrative Expenses     (49,680.00)
Net Income from Operations     15,180.00
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