# Chapter 13 - Chapter 13 Exercise 08 PAPERBACKS PLUS INCOME...

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Chapter 13 - Exercise 08 PAPERBACKS PLUS INCOME STATEMENT For the six month period ending June 30, 20-- Amount Percent Revenue Sales \$115,000 90.2% Less: Sales returns and allowances 12,500 9.8% Net sales \$127,500 100.0% Cost of goods sold Merchandise inventory, January 1, 20-- \$52,000 40.8% Purchases less returns and allowances 16,000 12.5% Total merchandise available for sale \$68,000 53.3% Less: Merchandise inventory, June 30, 20-- 45,300 35.5% Cost of goods sold \$22,700 17.8% Gross profit \$104,800 82.2% Operating expenses Depreciation expense—equipment 12,500 9.8% Payroll tax expense 2,550 2.0% Salary expense 35,800 28.1% Supplies expense 2,090 1.6% Telephone expense 1,100 0.9% Utilities expense 6,200 4.9% Total operating expenses \$60,240 47.2% Net income before federal income tax \$44,560 34.9% Federal income tax 12,475 9.8% Net income after federal income tax \$32,085 25.2% Directions: a. Format Column E for for Percentage and 1 Decimal place. b.

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Chapter 13 - Chapter 13 Exercise 08 PAPERBACKS PLUS INCOME...

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