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Survey of Accounting (Available Titles Cengagenow)

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Problem 9-2 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. OTHERE TECHNOLOGY COMPANY Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Amount Percent Amount Percent Sales $714,000 $612,000 Sales returns and allowances 14,000 12,000 Net sales $700,000 $600,000 Cost of goods sold 322,000 312,000 Gross profit $378,000 $288,000 Selling expenses $154,000 $120,000 Administrative expenses 70,000 66,000 Total operating expenses $224,000 $186,000 Income from operations $154,000 $102,000 Other income 28,000 24,000 Income before income tax $182,000 $126,000 Income tax expense (benefit) 70,000 60,000 Net income (loss) $112,000 $66,000 2. Instructions
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Problem 9-2 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited.
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