Problem 4-47

Problem 4-47 - Officers and office salaries 550,000...

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Connell Company Income Statement December 31, 2011 Revuene: Sales $8,125,000 Less: Sales Discounts 55,000 Sales Returns and allowances 95,000 150,000 $7,975,000 COGS Inventory Jan. 1 775,000 Net Purchases Purchases 4,633,200 Less: Purchase Discounts 47,700 4,585,500 Fright in 145,000 Cost of Goods Available for Sale 5,505,500 Less: Inventory Dec. 31 750,000 COGS 4,755,500 Gross Profit $3,219,500 Operating Expenses Selling Expenses: Sales Salaries 521,000 Delivery Expense 425,000 Depreciation expense—delivery trucks 29,000 Depreciation expense—store equipment 25,000 Miscellaneous selling expenses 50,000 1,050,000 General and Admin Expenses
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Unformatted text preview: Officers and office salaries 550,000 Employee pension expense 190,000 Property taxes expense 100,000 Bad debt expense 32,000 Depreciation expenseoffice building 25,000 Depreciation expenseoffice equipment 10,000 Miscellaneous general expenses 45,000 952,000 2,002,000 Operating Income 1,217,500 Other Revenes and Gains Dividend Rev 35,000 Interest Rev 10,000 Gain on sale of office equipment 8,000 53,000 Other Exp. And Losses Loss on Sale of Investmnet Securities (20,000) 33,000 Income from Continuing Operations Before Taxes 1,250,500 Income Taxes 427,425 Net Income $823,075 Earnings per Share 13.72...
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