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

question 83

Essay

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.

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Definitions:

Emotional Intelligence

The proficiency in detecting, managing, and expressing one's emotions and engaging in interpersonal connections with wisdom and empathy.

Cognitive Dissonance

A psychological state in which an individual experiences discomfort due to holding two or more contradictory beliefs, ideas, or values at the same time.

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Job Satisfaction

The feeling of contentment or pleasure derived from one's occupation, influenced by factors like work environment, pay, and work-life balance.