32 - 25,000-Loss on sale of securities(25,000-Interest...

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32. Following are the income statements for Martha’s Miscellaneous for 2008 and 2009 Martha’s Miscellaneous Comparative Statements of Income and Retained Earnings 2009 2008 $Change %Change Sales revenue $700,000 $650,000 Cost of goods sold 500,000 455,000 Gross profit $200,000 $195,000 Payroll expense $50,000 $42,250 Insurance expense 30,000 29,000 Rent expense 18,000 18,000 Depreciation 35,000 15,000 Total expenses $133,000 $104,250 Operating income $67,000 $90,000 Interest expense (7,000) (5,000) Gain on vehicle sale
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Unformatted text preview: 25,000-Loss on sale of securities (25,000)-Interest revenue 75,000 50,000 Net income before interest and taxes $135,000 $135,750 Income taxes 40,000 40,250 Net income $95,000 $95,500 Dividends 38,000 38,000 Total retained earnings $57,000 $57,500 Retained earnings 1/1 193,500 136,000 Retained earnings 12/31 $250,500 $193,500 Required Complete the comparative income statement by computing dollar change ($ change) and percentage change (% change)....
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This note was uploaded on 02/24/2011 for the course ECON 101 taught by Professor Smith during the Spring '08 term at Valdosta State University .

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32 - 25,000-Loss on sale of securities(25,000-Interest...

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