BUS210_projectA1

BUS210_projectA1 - Insurance Expense $4,320 Sales Salaries...

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Ruby Shiau 105442527 Project I (A) Wiley Department Store Income Statement For the year Ended December 31, 2005 Sales Revenue Sales $618,000 Less: Sales Returns and allowances $8,000 $8,000 Net Sales $610,000 Cost of Goods Sold Inventory, Janurary 1 $40,500 Purchases $462,000 Less: Purchse Returns and allowances $6,400 Purchase Discounts $12,000 $18,400 Net Purchases $44,360 Add: Freigh- in $3,600 Cost of Goods Sold Purchased $447,200 Cost of Goods Available for sale $487,700 Inventory, December 31 $70,000 Cost of Goods Sold $417,700 Gross Profit $192,300 Operating Expense Selling Expense Depreciation expense- Equipment $13,300
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Unformatted text preview: Insurance Expense $4,320 Sales Salaries Expense $76,000 Sales Commission Expense $14,500 Utilities Expense $6,600 Total Selling Expense $114,720 General + Adminstrative Expense Depreciation Expense- Building $10,400 Insurance Expense $2,880 Utilities Expense $4,400 Property Tax Expense $4,800 Office Salaries Expense $32,000 Total General + Adminstrative Expense $54,480 Total Operating Expense $169,200 Income From Operation $23,100 Other Income/ gains Interest Revenue $4,000 Other Expense/ loses Interest Expense $11,000 $7,000 Net Income $16,100...
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