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Haze Enterprise provided the following: Sales    7,500,000.00 Inventories - Jan 1    Raw Materials 200,000.00...

Haze Enterprise provided the following:

Sales    7,500,000.00

Inventories - Jan 1

   Raw Materials 200,000.00

   Goods in Process    240,000.00

   Finished Goods    360,000.00

Inventories - Dec 31

Raw Materials 280,000.00

Goods in process 170,000.00

   Finished Goods 300,000.00

Purchases    3,000,000.00

Direct Labor    950,000.00

Indirect Labor    250,000.00

Superintendent 210,000.00

Light, heat and power 320,000.00

Rent- Factory Building    120,000.00

Repair and Maintenance Machinery    50,000.00

Factory Supplies Used 110,000.00

Sales, Salaries    400,000.00

Advertising 160,000.00

Depreciation - Store Equipment    70,000.00

Office Salaries 150,000.00

Depreciation - Office Equipment    40,000.00

Depreciation- Machinery 60,000.00

Sales , Returns and Allowances 50,000.00

Interest Income    10,000.00

Gain on Sale of Equipment    100,000.00

Delivery Expenses    200,000.00

Accounting and Legal Fees 150,000.00

Office Expenses    250,000.00

Earthquake Loss    2,000,000.00

Gain from Expropriation of Asset    100,000.00

Income Tax Expenses 320,000.00

* Prepare an Income Statement using the functional Method with Appropriate Notes for the year Ended Dec. 31, 2019

Business   Accounting   
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