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P8-42 revised - 1 gross sales revenue 2 Income taxes 3 Cost...

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1 gross sales revenue 4,230,000 2 Income taxes 99,000 3 Cost of Goods Sold 3,116,000 4 Sales salaries Expense 350,000 5 Rent Expense (selling) 16,000 6 Payroll Tax Expense (selling) 4,900 7 Entertainment Expense (selling) 1,500 8 Miscellaneous Selling Expenses 6,300 9 Miscellaneous general and Administrative Expenses 5,400 10 Automobile Expense (selling) 3,500 11 Insurance Expense ( General and Administrative) 700 12 Interest Expense 39,000 13 Interest Revenue 2,000 14 Sales Return 8,000 15 Advertising and Promotion Expense 204,000 16 Insurance Expense (selling) 17,000 17 Delivery Expense ( selling) 3,100 18 Office Supplies Expense (general and administrative) 8,000 19 Utilities Expense (general and administrative) 1,100 20 Administrative Salaries Expense 200,000 21 Fire Loss (net or tax) 50,000 net income is 98,500 and 15,000 shares
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MORIANCUMER, Inc. INCOME STATEMENT For the Year Ended December 31, 2009 Revenue gross sales revenue 4,230,000 Less Sales Return 8,000 Net sales Revenue 4,222,000 Cost of Goods Sold 3,116,000 Gross Margin 1,106,000 Operating Expsense Selling Expense Payroll Tax Expense (selling) 4,900 Entertainment Expense (selling) 1,500 Automobile Expense (selling) 3,500 Insurance Expense (selling)
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