Onyx Corporation Has Provided the Following Information About Its Operating

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:
$$\begin{array} { | l | l | l | } \hline \text { Sales Revenue } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Beginning Inventory } & & \\\hline \text { Purchases } & & \\\hline \text { Cost of Goods Available for Sale } & & \\\hline \text { Ending Inventory } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Gross Profit } & & \\\hline \text { Selling and Administrative Expenses } & & \\\hline \text { Operating Income } & & \\\hline\end{array}$$