Wk2 Chapter 4 Intermediate Acct

# Wk2 Chapter 4 Intermediate Acct - TaraAnderson April22,2009...

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Tara Anderson April 22, 2009 Beecher Sales Co Income Statement December 31, 2008 Cash  65200  Accounts Receivable  82000  Inventory  (25000) 170000  Patents  (5000) Total 287200  Accounts Payable (85000) Bonds Payable  120000  Capital Stock  50000  Additional Paid-In  50000  Total 135000  Difference 152200  Dividend paid  20000  Net Income  172200

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4-28 Name: Tara Anderso Enter the appropriate percentage amounts in the shaded cells in columns G and I below. Supporting Computations: If general expenses = 15% of sales and 25% of cost of goods sold then: 15% x sales = 25% x cost of goods sold Cost of goods sold = 15%/25% x sales Cost of goods sold = 60% of sales Income before income taxes as a percentage of sales: Sales 100% Cost of goods sold (see above) 60% Gross profit on sales 40% Selling expenses 13% General expenses 17% 30% Income before income taxes 10% Based on the % relationships above, enter the appropriate numbers in the shaded cells in
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## This note was uploaded on 05/29/2011 for the course EC 2011 taught by Professor Johnson during the Spring '11 term at FIT.

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Wk2 Chapter 4 Intermediate Acct - TaraAnderson April22,2009...

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