Simons,Inc Prepare an Income Statement for Simons,Inc

question 91

Essay

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

Understand the significance of introspection and free association in psychological research and therapy.

Recognize the impact of Freudian psychoanalysis on contemporary psychological thought.

Appreciate the behavioral perspective's emphasis on observable behavior and environmental determinants.

Understand the criticisms of Freud's psychoanalytic theory and the development of modern psychodynamic theory.

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Definitions:

Sales Orientation

A business approach that prioritizes the selling of products and services over understanding the needs and preferences of the consumer, focusing on sales volume.

Marketing Concept

A philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs, better than the competition.

Market Orientation

A business approach centered around understanding and meeting the needs and wants of customers.

Managerial Philosophies

Sets of beliefs and principles that guide the decision-making and leadership styles of managers.