FinAcc1-8

FinAcc1-8 - Problem28 YouthCompany IncomeStatement...

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Problem 2-8       Youth Company Income Statement Year ended December 31, 2008 Note Net sales revenue   (1)              8,870,000 Cost of goods sold     (2)            (5,900,000) Gross income             2,970,000 Expenses:     Selling expenses   (3)       690,000     Administrative expenses      (4)       580,000     Other expense      (5)            340,000       1,610,000 Income before tax 1,360,000 Income tax expense           (   360,000) Net income             1,000,000            21 Note 1 – Net sales revenue Sales    9,070,000     Sales returns and allowances              (   200,000) Net sales revenue      8,870,000 Note 2 – Cost of goods sold Beginning inventory      1,500,000 Purchases 5,750,000 Transportation in    150,000 Purchase discounts           (   100,000)
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This note was uploaded on 08/04/2011 for the course COMM 101 taught by Professor Sy during the Spring '11 term at USC.

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FinAcc1-8 - Problem28 YouthCompany IncomeStatement...

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