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3 years ago

As of December 31, 2019, Armani Company’s financial records show the following items and amounts.

Business

1 answer:

MrRa [10]3 years ago

8 0

Answer:

Revenue (Consulting revenue + Rental revenue)=33000+22000=55000.

Operating expense (salaries expense+rent expense)=20000+12000=32000

Selling and administrative expense = 8000

Explanation:

Armani Company

Year end Income statement 2019

Revenue = 55000

less: Operating expense =(<u>32000</u>)

Gross Profit 23000

less :Selling and administrative expense = (<u>8000</u>)

Net profit 15000

Notes: Question should be mentioned the company nature of business so that we can identify company real business.

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