In April, Holderness Incorporated, a Merchandising Company, Had Sales of $221,000

Essay

In April, Holderness Incorporated, a merchandising company, had sales of $221,000, selling expenses of $14,000, and administrative expenses of $25,000. The cost of merchandise purchased during the month was $155,000. The beginning balance in the merchandise inventory account was $34,000 and the ending balance was $48,000.Required:Prepare a traditional format income statement for April.