15-2B - 55.0 Gross profit $220,000 44.0 $180,000 45.0...

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Problem 15(14)-2B Name: Bailey Section: Enter the appropriate amounts in the shaded cells below. A red asterisk (*) will appear to the right of an incorrect amount in the outlined cells. 1. EINAR INDUSTRIES INC. Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Amount Percent Amount Percent Sales $525,000 105.0% $420,000 105.0% Sales returns and allowances 25,000 5.0% 20,000 5.0% Net sales $500,000 100.0% $400,000 100.0% Cost of goods sold 280,000 56.0% 220,000
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Unformatted text preview: 55.0% Gross profit $220,000 44.0% $180,000 45.0% Selling expenses $130,000 26.0% $80,000 20.0% Administrative expenses 65,000 13.0% 56,000 14.0% Total operating expenses $195,000 39.0% $136,000 34.0% Income from operations $25,000 5.0% $44,000 11.0% Other income 30,000 6.0% 24,000 6.0% Income before income tax $55,000 11.0% $68,000 17.0% Income tax expense (benefit) 35,000 7.0% 28,000 7.0% Net income (loss) $20,000 4.0% $40,000 10.0% 2....
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This note was uploaded on 04/19/2010 for the course ACC 121 taught by Professor Dot during the Spring '10 term at State Fair Community College.

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15-2B - 55.0 Gross profit $220,000 44.0 $180,000 45.0...

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