1PL2-A - 6,313 0.2% 7,980 0.2% 827 Insurance 15,737 0.5%...

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Peach Blossom Cologne Company PL-2 Percentage of Sales Analysis 12-31-09 Income Statement Accounts Per Per Audit 2008 Books Per Comments / 12-31-08 Percent 12-31-09 Change Audit Actions REVENUE: 701 Sales 3,447,472 100.0% 3,857,549 100.0% determine credit sales 703 (26,530) -0.8% (28,318) -0.7% reasonable Net Sales 3,420,942 99.2% 3,829,231 99.3% reasonable EXPENSES: 801 Cost of Goods Sold 1,420,933 41.5% 1,651,366 42.8% Gross Margin 2,000,009 58.0% 2,177,865 56.5% OPERATING EXPENSES: 820 Wage and Salary Expense 1,418,720 41.2% 1,487,700 38.6% 821 Payroll Tax Expense 99,310 2.9% 105,924 2.7% 822 Depreciation Expense 64,422 1.9% 76,368 2.0% 823 Rent Expense 3,750 0.1% 3,750 0.1% 824 Office Supplies Expense 8,615 0.2% 10,825 0.3% 825 Small Tools Expense 2,988 0.1% 5,650 0.1% 826 Advertising Expense
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Unformatted text preview: 6,313 0.2% 7,980 0.2% 827 Insurance 15,737 0.5% 22,415 0.6% 828 Repairs and Maintenance 17,869 16,222 829 Property Tax 13,463 17,100 830 Utilities 10,670 14,325 831 Professional Fees 26,875 35,875 832 Miscellaneous Expense 302 1,771 833 Provision for Bad Debts 9,925 8,650 834 Freight Expense 28,150 32,386 Total Operating Expenses 1,727,109 1,846,941 Net Income From Operations 272,900 330,924 OTHER INCOME (EXPENSE): 901 Interest Expense (27,500) (14,063) 930 Gain(Loss)Sale of Fixed Assets 18,638 (4,500) 950 Miscellaneous Income 0 0 Net Other Income (8,862) (18,563) Net Income Before Taxes 264,038 312,361 940 Federal Income Tax 78,023 100,000 Net Income 186,015 212,361...
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