Chapter 4

Chapter 4 - E4-2 Income Statement ItemsA.Total Net...

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Unformatted text preview: E4-2 Income Statement ItemsA.Total Net Revenue:Sales$400,000.00 Less: Sales Discounts $7,800.00 Sales Returns$12,400.00 $20,200.00 Net Sales$379,800.00 Dividend revenue$71,000.00 Rental revenue$6,500.00 Total net revenue$457,300.00 B.Net Income:Total net revenue (from a) $457,300.00 Expenses:Cost of goods sold$184,400.00 Selling expenses$99,400.00 Aministrative expenses$82,500.00 Interest expenses$12,700.00 Total expenses$379,000.00 Income before income tax$78,300.00 Income tax$26,600.00 Net income$51,700.00 C. Dividends declared:Ending retained earnings $134,000.00 Beginning retained earnings $114,400.00 Net increase $19,600.00 Less: Net income $(51,700.00)Dividends declared $(32,100.00)E4-5 Parnevik Corp. Income StatementDecember 31, 2012Sales RevenueSales$1,280,000.00 Less: Sales returns and allowances$150,000.00 Sales discounts$45,000.00 $195,000.00 Net sales revenue $1,085,000.00 Cost of goods sold$621,000.00 Gross profit$464,000.00 Operating ExpensesSelling expenses$194,000.00 Admin. And general expensesAdmin....
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