Simons Company Sells Plastic Ware Prepare an Income Statement for Simons Company, a Merchandiser, for Operating

question 44

Essay

Simons Company sells plastic ware. The following information summarizes Simons' operating activities for 2015:
$\begin{array}{|l|r|}\hline\text { Utilities Expense } & \$ 65,000 \\\hline \text { Rent Expense } & 10,000 \\\hline \text { Sales Commissions Expense } & 32,500 \\\hline \text { Purchases of Merchandise } & 260,000 \\\hline \text { Inventory on January 1, 2015 } & 65,000 \\\hline \text { Inventory on December 31, 2015 } & 97,500 \\\hline \text { Sales Revenue } & 650,000\\\hline\end{array}$ Prepare an income statement for Simons Company, a merchandiser, for the year ended December 31, 2015 using the format below:
$$\begin{array} { | l | l | l | } \hline \text { Sales Revenue } & \quad\quad& \quad\quad\\\hline \text { Cost of Goods Sold } & & \\\hline \text { Beginning Inventory } & & \\\hline \text { Purchases } & & \\\hline \text { Cost of Goods Available for Sale } & & \\\hline \text { Ending Inventory } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Gross Profit } & & \\\hline \text { Selling Expenses } & & \\\hline \text { Sales Commissions Expense } & & \\\hline \text { Administrative Expenses } & & \\\hline \text { Rent Expense } & & \\\hline \text { Utilities Expense } & & \\\hline \text { Total Operating Expenses } & & \\\hline \text { Operating Income } & & \\\hline\end{array}$$

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Definitions:

Live Longest

Refers to individuals or groups of organisms that achieve the greatest lifespan within a specific population or species.

Type D Personality

A personality type characterized by the tendency towards negative affectivity and social inhibition, potentially leading to worse cardiovascular outcomes.

Distressed

Experiencing anxiety, sorrow, or pain; a state of mental suffering often triggered by external or internal stressors.

Impulsivity

The tendency to act on urges and desires without considering the consequences, often leading to hasty or poorly thought-out decisions.