week 3 individual

week 3 individual - Individual Assignment: Assignments from...

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Individual Assignment: Assignments from the Text Jennifer Luttrell ACC/421
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E4-6 (a) Multiple-Step Form Whitney Houston Shoe Co. Income Statement For the Year Ended December 31, 2007 Net sales $980,000 Cost of goods sold 496,000 Gross profit on sales 484,000 Operating Expenses Selling expenses Wages and salaries $114,800 Depr. exp. (70% X $65,000) 45,500 Materials and supplies 17,600 $177,900 Administrative expenses Wages and salaries 135,900 Other admin. expenses 51,700 Depr. exp. (30% X $65,000) 19,500 207,100 385,000 Income from operations 99,000 Other Revenues and Gains Rental revenue 29,000 128,000 Other Expenses and Losses Interest expense 18,000 Income before income tax 110,000 Income tax 37,400 Net income $ 72,600 Earnings per share ($72,600 ÷ 20,000) $3.63 (b) Single-Step Form Whitney Houston Shoe Co. Income Statement For the Year Ended December 31, 2007 Revenues Net sales $ 980,000 Rental revenue 29,000 Total revenues 1,009,000 Expenses Cost of goods sold 496,000 Selling expenses 177,900 Administrative expenses 207,100 Interest expense
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week 3 individual - Individual Assignment: Assignments from...

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