prob019 - Problem 19 (Text: Ch. 4, 5) Martinez Power Tool...

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Unformatted text preview: Problem 19 (Text: Ch. 4, 5) Martinez Power Tool Corporation Ltd. has carried on business in Canada since its incorporation under the Canada Business Corporations Act in 1972. Its net income for the year ended December 31, 2008, as determined under generally accepted accounting principles, is as follows: Martinez Power Tool Corporation Limited INCOME STATEMENT For the Year ended December 31, 2008 Sales............................................................................................................... $8,500,000 Cost of goods sold: Inventory, January 1, 2008............................................... $800,000 Purchases............................................................................. 7,000,000 $7,800,000 Inventory, December 31, 2008........................................... 600,000 Cost of goods sold........................................................................................... (7,200,000) Gross profit...................................................................................................... $1,300,000 Selling expenses.................................................................. $ 500,000 General and administrative expenses................................. 100,000 (600,000) $ 700,000 Other income...................................................................................................Other income....
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This note was uploaded on 11/19/2010 for the course ACC 742 taught by Professor Sydor during the Spring '10 term at Ryerson.

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prob019 - Problem 19 (Text: Ch. 4, 5) Martinez Power Tool...

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