Amber Corporation Has Provided the Following Information of Its Operating

question 73

Essay

Amber Corporation has provided the following information of its operating activities for 2015:
$$\begin{array} { | l | r | } \hline \text { Merchandise Inventory, January 1, 2015 } & \$ 150,000 \\\hline \text { Merchandise Inventory, December } 31,2015 & 75,000 \\\hline \text { Purchases } & 854,000 \\\hline \text { Selling and Administrative Expenses } & 65,000 \\\hline \text { Sales Revenue } & 1,000,000 \\\hline\end{array}$$ Required: Prepare Amber's income statement for the year ended December 31, 2015. 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:

Statistical Tests

Quantitative methods used to determine whether hypotheses about data are supported or refuted.

Primary Research

Collection of original data or firsthand information through methods like surveys, interviews, or experiments.

Experiments

Controlled procedures carried out to discover, test, or demonstrate a hypothesis or the effect of one variable on another.

Qualitative Research

A research method focused on understanding phenomena through observing and interpreting non-numerical data, such as interviews, observations, and texts.