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

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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...

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