Larkspur Company is a manufacturer of smartphones. Its controller resigned in October 2022. An inexperienced...
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Accounting
Larkspur Company is a manufacturer of smartphones. Its controller resigned in October 2022. An inexperienced assistant accountant has prepared the following income statement for the month of October 2022. Larkspur Company Income Statement For the Month Ended October 31, 2022 Sales revenue Less: Operating expenses Raw materials purchases $274,560 Direct labor cost 197,600 Advertising expense 93,600 Selling and administrative salaries 78,000) Rent on factory facilities 62,400 Depreciation on sales equipment 46,800 Depreciation on factory equipment 32,240 Indirect labor cost 29,120 Utilities expense 12,480 $811,200 Prepare a correct income statement for October 2022. LARKSPUR COMPANY Income Statement $
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