Required: 1. Using the information for Superior Manufacturing Company, prepare
1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20X3. (Assume a 30% income tax.)
2. Provide at least three performance ratios regarding Superior Manufacturing Company, and comment on the company’s performance.
3. Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.
Solution-aSUPERIOR MANUFACTURING COMPANYIncome StatementFor Year Ended December 31, 2013 SalesCost of Goods Sold:Finished Goods Inventory, 1/1/13Cost of Goods ManufacturedCost of Goods…