Onyx Corporation Has Provided the Following Information About Its Operating

question 96

Essay

Onyx Corporation has provided the following information about its operating activities for the year:
$$\begin{array} { | l | r | } \hline \text { Merchandise Inventory, January 1 } & \$ 150,000 \\\hline \text { Merchandise Inventory, December 31 } & 75,000 \\\hline \text { Purchases } & 854,000 \\\hline \text { Selling and Administrative Expenses } & 65,000 \\\hline \text { Sales Revenue } & 1,000,000 \\\hline\end{array}$$ Required: Prepare Onyx's income statement for the year ended December 31,including the heading.Use the format provided below:
$$\begin{array} { | l | l | l | } \hline \text { Sales Revenue } &\quad\quad\quad &\quad\quad\quad \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Beginning Inventory } & & \\\hline \text { Cost of Goods Available for Sale } & & \\\hline \text { Ending Inventory } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Gross Profit } & & \\\hline \text { Selling and Administrative Expenses } & & \\\hline \text { Operating Income } & & \\\hline\end{array}$$

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Definitions:

Zygote

The initial cell formed when a new organism is produced by sexual reproduction, resulting from the union of sperm and egg cells.

Chromosomes

Structures within cells that contain DNA and carry genetic information important for the development, functioning, and reproduction of living organisms.

Fertilization

The union of the ovum and sperm.

Recessive

Pertaining to a gene that is expressed in the phenotype only when its allele is identical, needing two copies (one from each parent) to exhibit the trait.