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project 1 (a)income statement

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

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(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
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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...
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