Hilario_Prob6-2B - 1 DRAPERY LAND CO. Income Statement For...

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1 DRAPERY LAND CO. Income Statement For the Year Ended July 31, 2010 Revenues: Net Sales…………………………………………………… $3,720,000 Expenses: Cost of merchandise sold…………………… $2,325,000 Selling Expenses…………………………… 675,000 Administrative Expenses…………………… 405,000 Interest Expense…………………………… 15,000 Total Expenses………………… $3,420,000 Net income……………………………………………………………………… $300,000 2 DRAPERY LAND CO. Statement of Owner's Equity For the Year Ended July 31, 2010 Tanya Xavier, capital, August 1, 2009…………………………. $1,312,250 Net income for the year……………………………………… $300,000 Less withdrawals……………………………………………… 105,000 increase in owner's equity………………………………………………. 195,000 Tanya Xavier, capital, July 31, 2010……………………………. $1,507,250
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Hilario_Prob6-2B - 1 DRAPERY LAND CO. Income Statement For...

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