Superior_Markets.xlsx

Superior_Markets.xlsx - SUPERIOR MARKETS INC Income...

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SUPERIOR MARKETS, INC. Income Statement For the Quarter Ended September 30 North South Total Store Store Sales $3,000,000 $720,000 $1,200,000 Cost of goods sold 1,657,200 403,200 660,000 Gross margin 1,342,800 316,800 540,000 Operating expenses: Selling expenses: Sales salaries 239,000 70,000 89,000 Direct advertising 187,000 51,000 72,000 General Advertising 45,000 10,800 18,000 Store rent 300,000 85,000 120,000 Depreciation of store fixtures 16,000 4,600 6,000 Delivery salaries 21,000 7,000 7,000 Depreciation of delivery equipment 9,000 3,000 3,000 Total selling expenses 817,000 231,400 315,000 Administrative expenses: Store management salaries 70,000 21,000 30,000 General office salaries 50,000 12,000 20,000 Insurance on fixtures and inventory 25,000 7,500 9,000 Utilities 106,000 31,000 40,000 Employment taxes 57,000 16,500 21,900 General office expenses-other 75,000 18,000 30,000 Total administrative expenses 383,000 106,000 150,900 Total expenses 1,200,000 337,400 465,900 Net operating income (loss) $142,800 ($20,600) $74,100 Additional Data: New employee's salary per quarter $11,000 General Manager's salary per quarter $12,000 Delivery person's salary per quarter $4,000 Employment tax as a percent of salary 15% Insurance related to north store fixtures 1/3 Discharged employee's salary per quarter
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