Income Statement - IncomeStatement ABCCompanyLimited...

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Income Statement Nov 11, 2008 ABC Company Limited    Income Statement For The Period Ended January – March 1987 Gross Sales 310,000 Less: Returns   10,000 Net Sales $300,000 Less: Cost of Goods Sold Beginning Inventory $40,000 Purchases    80,000 Total Goods on Hand $120,000 Ending Inventory    65,000 Total C.O.G.S.     55,000 Gross Profit $245,000 Operating Expenses General Administrative: Office Salaries $22,000 Rent   40,000 Insurance     1,500 $63,500 Selling: Advertising $15,000 Commissions   42,000
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Delivery Expenses     2,000   59,000 Total Operating Expenses 122,500 Net Income Before Tax $122,500 Income Tax (50% rate)     61,250 Net Income   $61,250 ABC Co. Income Statement For the Year Ended Dec. 31, 1992 Gross Sales $60,000 Less: Sales Returns      1500 Net Sales $58500 Cost of Goods Sold Inventory, Jan. 1, 1992 $10,000 Purchases   35,000 Goods on Hand $45,000 Inventory, Dec, 1992
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This note was uploaded on 03/17/2011 for the course ADM 1300 taught by Professor Koppel during the Spring '08 term at University of Ottawa.

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Income Statement - IncomeStatement ABCCompanyLimited...

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