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Unformatted text preview: Multiplied by % of sales 25% General and administrative expenses $25,508 (f) Income before income taxes (see income statement) $23,900 Multiplied by income tax rate 40% Income taxes $9,560 (g) General and administrative expenses $25,508 Multiplied by % of general and admin. expenses 12% Depreciation $3,061 SAYER SPORTING GOODS Income Statement For the Year Ended December 31, 2013 Sales $102,030 (a) Cost of goods sold: Beginning inventory $12,180 Purchases 49,491 (b) Goods available for sale $61,671 Less: Ending inventory 21,401 (d) Cost of goods sold 40,270 Gross profit $61,760 (c) Operating expenses: Selling expenses $12,352 General and administrative expenses 25,508 Total operating expenses 37,860 Hint: Complete supporting computations as needed to plug in determined amounts into income statement. Income from operations before taxes $23,900 Income taxes 9,560 (f) Net income $14,340 Earnings per share $2.87...
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This note was uploaded on 08/12/2011 for the course ACCT 2201 taught by Professor Alvarez during the Spring '11 term at FIT.
- Spring '11
- Income Statement