project 1 (a)income statement

project 1 (a)income statement - Insurance Expense $4,320...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
(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 Sales Salaries Expense $76,000 Sales Commission Expense $14,500
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Insurance Expense $4,320 Depreciation Expense- Equipment $13,300 Utilities Expense $6,600 Total Selling Expense $114,720 General and 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 and Adminstrative Expense $54,480 Total Operating Expense $169,200 Income From Operation $23,100 Other Income/ gains Add: Interest Revenue $4,000 Other Expense/ loses Project 1 Less: Interest Expense $11,000 Net Income $16,100...
View Full Document

This note was uploaded on 02/06/2011 for the course BUS 210 taught by Professor Schmeltz during the Spring '08 term at SUNY Stony Brook.

Page1 / 2

project 1 (a)income statement - Insurance Expense $4,320...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online