This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Problem 9-1 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. WIGLAF TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Increase (Decrease) Amount Amount Amount Percent Sales $560,000 $500,000 Sales returns and allowances 37,500 25,000 Net sales $522,500 $475,000 Cost of goods sold 372,000 300,000 Gross profit $150,500 $175,000 Selling expenses $52,000 $40,000 Administrative expenses 30,500 25,000 Total operating expenses $82,500 $65,000 Income from operations $68,000 $110,000 Other income 3,000 2,000 Income before income tax $71,000 $112,000 Income tax expense 5,500 5,000 Net income $65,500 $107,000 2. Instructions Problem 9-1 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds.Answers are entered in the cells with gray backgrounds....
View Full Document
This note was uploaded on 11/04/2011 for the course ACC 121 taught by Professor Thomas during the Winter '08 term at Baker MI.
- Winter '08