Case Study

Medieval Adventures CompanyIncome StatementFor the Month Ended January 31 , 2010 |

Sales Revenue: $55, 000Less: Cost Of Goods Sold Beginning Finished Goods $35,000 Cost Of Goods Manufactured $52,500 Cost of Goods Available for Sale $87,500 Less: Ending Inventory ($52,500) Cost Of Goods Sold $35,000 Gross Profit $20,000Less: Operating Expense $10,000Operating Income $10,000 |

Medieval Adventures CompanyBalance SheetAs of January 31 , 2010 |

Assets | Equities |

Cash $111,250Accounts Receivable $96,250Inventory $52,500Total Assets $260,000 | Common Stock $250,000Retained Earnings $10,000Total Equities $260,000 |

Medieval Adventures CompanyStatement of Cash FlowsFor the Period Ended January 31 , 2010 |

Operating Activities |

Operating Income $10,000Increase In...