Project 2(1) - #1 RatiowithDiscounts,Returns,andBadDebt .Atthattime,a totalof10,

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#1.  Preparing an Income Statement and Computing the Gross  Profit Percentage and Receivables Turnover  Ratio with Discounts, Returns, and Bad Debt Rang Corporation is a local grocery store organized seven years ago as a corporation.  At that time, a  total of 10,000 shares of common stock were issued to the three organizers.  The store is in an excellent  location, and sales have increased each year.  At the end of 2012, the bookkeeper prepared the following  statement) assume that all amounts are correct; note the incorrect terminology and format):   Range Corporation       Profit and Loss     December 31, 2012     Debit Credit Sales $182,00 Cost of goods sold $98,000    Sales returns and allowances 7,000   Selling expense 17,000   Administrative and general expense 18,000   Bad debt expense 2,000   Sales discounts 8,000   Income tax expense 9,600   Net Profit
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This note was uploaded on 09/09/2010 for the course ACCOUNTING 2345 taught by Professor Dr.ijueh during the Spring '10 term at twsu.edu.

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Project 2(1) - #1 RatiowithDiscounts,Returns,andBadDebt .Atthattime,a totalof10,

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