Chapter 14_Review_Pepper Industries

Chapter 14_Review_Pepper Industries - Pepper Industries...

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

View Full Document Right Arrow Icon
Pepper Industries Income Statement For the Year Ended March 31 Key to Computation Sales. .................................................................. $4,200,000 Cost of goods sold. ............................................. 2,730,000 (8) Gross margin. ..................................................... 1,470,000 (9) Selling and administrative expenses. ................. 930,000 (10) Net operating income. ........................................ 540,000 (1) Interest expense. ................................................. 80,000 Net income before taxes. .................................... 460,000 (2) Income taxes (30%). ........................................... 138,000 (3) Net income. ........................................................ $ 322,000 (4) Pepper Industries Balance Sheet March 31 Current assets: Cash. ............................................................... $ 70,000 (6) Accounts receivable, net. ................................ 330,000 (5) Inventory. ........................................................ 480,000 (7) Total current assets. ............................................ 880,000 (7) Plant and equipment. .......................................... 1,520,000 (17) Total assets. ........................................................ $2,400,000 (16) Current liabilities. ............................................... $ 320,000
Background image of page 1

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

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

Page1 / 5

Chapter 14_Review_Pepper Industries - Pepper Industries...

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