The income statement for Cutting Edge Manufacturing, Inc. for the year December 31 , 2016 if gross sales are $ 1 , 356 , 000 , sales returns and allowances are $ 93 , 100 , sales discount is $ 4 , 268 , merchandise inventory Jan , 1 , 2016 , $ 324 , 800 , merchandise inventory Dec .31 , 2016 , $ 179 , 100 , net purchases are $ 255 , 320 , freight in is $ 3 , 911 , salaries are $ 375 , 900 , rent is $ 166 , 000 , utilities are $ 7 , 730 , advertising is $ 73 , 300 , insurance is $ 22 , 940 , administrative expense is $ 84 , 500 , miscellaneous expenses are $ 24 , 900 and income tax is $ 34 , 760 .

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Answer 1

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Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

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Answer 2

Question

Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

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Answer 3

Question

Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

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Answer 4

Question

Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

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Answer 5

Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

Answer 6

Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

Answer 7

Chapter 15.II, Problem 4TIE

To determine

To calculate: The income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016 if gross sales are $1,356,000, sales returns and allowances are $93,100, sales discount is $4,268, merchandise inventory Jan,1,2016,$324,800, merchandise inventory Dec.31,2016,$179,100, net purchases are $255,320, freight in is $3,911, salaries are $375,900, rent is $166,000, utilities are $7,730, advertising is $73,300, insurance is $22,940, administrative expense is $84,500, miscellaneous expenses are $24,900 and income tax is $34,760.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 15.I - Use the following financial information to prepare...Ch. 15.I - Prob. 2TIE Ch. 15.I - Prob. 3TIE Ch. 15.I - Prob. 1RE Ch. 15.I - Prob. 2RE Ch. 15.I - Prob. 3RE Ch. 15.I - Prob. 4RE Ch. 15.I - Prob. 5RE Ch. 15.I - Prob. 6RE Ch. 15.I - Calculate the following values according to the...

Solution Summary: The author calculates the income statement for Cutting Edge Manufacturing, Inc. for the year December 31,2016.

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