acc chapt4 - Chapter 4 Problem 2 1 Ramos Nursery...

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Chapter 4 Problem 2 1 Ramos Nursery Corporation Income statements For the year ended April 30, 20x8 and 20x7 2008 2007 % % Net sales $525,932 100% Net sales $475,264 100% Cost of goods sold 234,948 44.70% Cost of goods sold 171,850 36.20% Gross Margin $290,984 55.30% Gross Margin $303,414 63.80% Operating expenses: Operating expenses: Selling expenses 161,692 30.70% Selling expenses 150,700 31.70% General and adminitrative 62,866 12% General and adminitrative 42,086 8.90% Total operating expenses 224,558 42.70% Total operating expenses 192,786 40.60% Other revenues and expenses: Other revenues and expenses: Interest Income 800 0.20% Interest Income 700 0.10% Interest expense -3,600 0.70% Interest expense -850 0.20% Excess on the expenses over rev. -2,800 0.50% Excess on the expenses over rev. -150 0.03% Income before taxes $63,626 12.10% Income before taxes $110,478 23.20% Income taxes expenses 15,000 2.90% Income taxes expenses 27,600 5.80% Net income $48,626 9.20% Net income $82,878 17.40%
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This note was uploaded on 11/23/2009 for the course BUS 122 taught by Professor Dicks during the Fall '09 term at Academy of Design Tampa.

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acc chapt4 - Chapter 4 Problem 2 1 Ramos Nursery...

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