Amber Corporation Has Provided the Following Information of Its Operating

Essay

Amber Corporation has provided the following information of its operating activities for 2015:
$$\begin{array} { | l | r } \hline \text { Merchandise Inventory, January 1, 2015 } & \$ 150,000 \\\hline \text { Merchandise Inventory, December } 31,2015 & 75,000 \\\hline \text { Purchases } & 854,000 \\\hline \text { Selling and Administrative Expenses } & 65,000 \\\hline \text { Sales Revenue } & 1,000,000 \\\hline\end{array}$$ Required: Prepare Amber's income statement for the year ended December 31, 2015. Use the format provided below:
$$\begin{array} { | l | l | l | } \hline \text { Sales Revenue } & \quad\quad&\quad\quad \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Beginning Inventory } & & \\\hline \text { Purchases } & & \\\hline \text { Cost of Goods Available for Sale } & & \\\hline \text { Ending Inventory } & & \\\hline \text { Cost of Goods Sold } & & \\\hline \text { Gross Profit } & & \\\hline \text { Selling and Administrative Expenses } & & \\\hline \text { Operating Income } & & \\\hline\end{array}$$