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Ames Power Point Had Sales in October of $28,000,000 for Its

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Ames Power Point had sales in October of $28,000,000 for its three stores in Toronto.The beginning merchandise inventories for October and November were $5,000,000 and $4,000,000, respectively.October purchases totalled $19,000,000.All sales are on account (terms 2/15, net 30 days)and are collected 50 percent in the month of the sale and 50 percent in the following month.One-half of all sales discounts are taken for a total of $265,000.September sales totalled $25,000,000 while November sales were $30,000,000.Additional information for October is as follows: Ames Power Point had sales in October of $28,000,000 for its three stores in Toronto.The beginning merchandise inventories for October and November were $5,000,000 and $4,000,000, respectively.October purchases totalled $19,000,000.All sales are on account (terms 2/15, net 30 days)and are collected 50 percent in the month of the sale and 50 percent in the following month.One-half of all sales discounts are taken for a total of $265,000.September sales totalled $25,000,000 while November sales were $30,000,000.Additional information for October is as follows:   Required: Using an appropriately formatted income statement, determine the operating income of the company. Required:
Using an appropriately formatted income statement, determine the operating income of the company.

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Definitions:

Action Research

A reflective process of progressive problem-solving led by individuals working with others in teams or as part of a "community of practice" to improve the way they address issues and solve problems.

Readiness For Change

The degree to which individuals or organizations are prepared and willing to implement new changes.

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Facilitated workshops aimed at bringing diverse stakeholders together to plan and create desirable futures by exploring current realities, future possibilities, and agreed-upon actions.

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Patterns and changes in the external environment that can affect an organization's strategies and operations, including technological, societal, and economic shifts.

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