sept16 - E42 Paczki Products Income Statement Year ending...

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Paczki Products Michael McCormick Income Statement Year ending 12,31,2008 E4-2 Sales  390000 sales returns -12400 sales discounts -7800 Rental revenue 6500 a. Dividend revenue 71000    Net Revenue 447300 COGS -184400    Gross Income 262900    Expense selling  99400 administrative 82500 -181900    IBIT 81000 interest 12700 b. income tax 31000 -43700    Net Income 37300 Beginning retained earnings  114400 c. Add: Net Income 37300 Less: Dividends 17700 Ending retained earrings 134000 Elwes and Wright Income Statement Year ending 12,31,2007 E4-4 Sales 96500 a. Rental revenues 17230 COGS -60570 transportation-out -2690 50470    Gross Income    Expense    Administrative  offices salaries 4900 depreciation equipment 3960 -8860 Total administrative expense    Selling sales commissions 7980 depreciation sales equipment 6480 -14460    Total Selling expense IBIT 27150
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interest expense -1860 tax -9070    Net Income 16220 EPS 0.4 E4-4 Elwes and Wright b. Income Statement Year ending 12,31,2007 Revenue sales 96500 rental revenue 17230 113730    Total revenue Expense GOGS 60570 administrative 8860 selling 17150 interest expense 1860 income tax
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