Onyx Corporation Has Provided the Following Information About Its Operating

question 155

Essay

Onyx Corporation has provided the following information about its operating activities for the year:
$\begin{array} { | l | r | } \hline \text { Merchandise Inventory, January 1 } & \$ 150,000 \\\hline \text { Merchandise Inventory, December 31 } & 75,000 \\\hline \text { Purchases } & 854,000 \\\hline \text { Selling and Administrative Expenses } & 65,000 \\\hline \text { Sales Revenue } & 1,000,000 \\\hline\end{array}$ Required: Prepare Onyx's income statement for the year ended December 31,including the heading.Use the format provided below:
$\begin{array} { | l | l | l | } \hline \text { Sales Revenue } &\quad\quad\quad & \quad\quad\quad\\\hline \text { Cost of Goods Sold } & & \\\hline \text { Beginning Inventory } & & \\\hline \text { Purchases } & & \\\hline \text { Cost of Goods Available for Sale } & & \\\hline \text { Ending Inventory } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Gross Profit } & & \\\hline \text { Selling and Administrative Expenses } & & \\\hline \text { Operating Income } & & \\\hline\end{array}$

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Definitions:

Millimeter

A metric unit of length equal to one thousandth of a meter.

Line Of Best Fit

The line of best fit, in statistics, is a straight line drawn through the center of a group of data points on a scatter plot, used to describe the relationship between variables and predict future data points.

Data Points

Individual pieces of factual information recorded and used for the purpose of analysis.

Scientific Method

A systematic process used for investigation, including observation, hypothesis formulation, experimentation, and conclusion.