2statement of income and retained earnings

2statement of income and retained earnings - 14,377.75...

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Sheet1 Page 1 Date: 11/29/2010 Waren Sports Supply Page: 1 Statement of Income and Retained Earnings For 1/1/2009 To 12/31/2009 Current Current Period YTD REVENUE Sales $74,315.00 $1,592,545.00 Sales returns and allowances 3,480.00 61,111.00 Sales discounts taken 261.64 15,405.82 Net sales 70,573.36 1,516,028.18 COST OF GOODS SOLD 48,915.10 1,028,021.74 GROSS MARGIN 21,658.26 488,006.44 OPERATING EXPENSES Rent expense 4,800.00 57,600.00 Advertising expense 1,350.00 22,155.00 Office supplies expense 559.15 5,621.45 Depreciation expense 35,109.50 35,109.50 Wages and salaries expense
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Unformatted text preview: 14,377.75 140,789.24 Payroll taxes 995.61 11,279.25 Bad debt expense 6,064.11 6,064.11 Other operating expenses 3,962.75 29,287.75 Total operating expenses 67,218.87 307,906.30 Operating income (45,560.61) 180,100.14 OTHER INCOME 825.00 825.00 OTHER EXPENSE - Interest expense 201.37 201.37 INCOME BEFORE TAXES (44,936.98) 180,723.77 FEDERAL INCOME TAXES 51,810.56 51,810.56 NET INCOME (LOSS) (96,747.54) 128,913.21 RETAINED EARNINGS - Beginning of year 90,264.99 90,264.99 RETAINED EARNINGS - End of year ($6,482.55) $219,178.20...
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This note was uploaded on 02/14/2011 for the course AIM 6343 taught by Professor Jeffreyr.kromer, during the Spring '11 term at University of Texas at Dallas, Richardson.

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