17-5_22e - Sales $117,000 $150,000 Cost of goods sold...

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Exercise 17-5 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. a. WEB-PICS COMPANY Comparative Income Statement For the Years Ended December 31, 2008 and 2007 2008 2007 Increase (Decrease) Amount Amount Amount Percent
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Unformatted text preview: Sales $117,000 $150,000 Cost of goods sold 56,000 70,000 Gross profit $61,000 $80,000 Selling expenses $36,000 $37,500 Administrative expenses 12,500 10,000 Total operating expenses $48,500 $47,500 Income before income tax $12,500 $32,500 Income tax expense 2,000 10,000 Net income $10,500 $22,500 b....
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This note was uploaded on 03/12/2011 for the course ACCT 2011 taught by Professor Field during the Fall '09 term at University of Minnesota Morris.

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