17-2B_22e - Cost of goods sold 292,500 274,700 Gross profit...

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Problem 17-2B Name: Section: Enter the appropriate amounts in the shaded cells below. A red asterisk (*) will appear to the right of an incorrect amount in the outlined cells. 1. ACEDIA TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 2008 and 2007 2008 2007 Amount Percent Amount Sales $755,000 $676,000 Sales returns and allowances 5,000 6,000 Net sales $750,000 $670,000
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Unformatted text preview: Cost of goods sold 292,500 274,700 Gross profit $457,500 $395,300 Selling expenses $172,500 $160,800 Administrative expenses 82,500 80,400 Total operating expenses $255,000 $241,200 Income from operations $202,500 $154,100 Other income 7,500 6,700 Income before income tax $210,000 $160,800 Income tax expense 60,000 53,600 Net income $150,000 $107,200 2. Percent...
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17-2B_22e - Cost of goods sold 292,500 274,700 Gross profit...

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