ch7- 7-5A - Wages and salaries 1264000 Rent expense 808000...

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HOMEWORK: PROBLEM 7-5A MID CITY GALLERIES INC. Income Statement For the Year Ended December 31, 2008 ---------------------------------------------------------------------------------------------------------------------------------------------------------- Net sales $ 9275000 Cost of goods sold Beginning inventory $ 1650000 Net purchases $ 3200000 Freight-in 232000 3432000 Goods available for sale 5082000 Ending inventory 1424000 Cost of goods sold 3658000 Gross profit 5617000 Operating expenses Selling expenses Commissions expense 1200000 Advertising expense 123000 Freight-out 82500 Miscellaneous selling expenses 39000 1444500 Administrative expenses
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Unformatted text preview: Wages and salaries 1264000 Rent expense 808000 Insurance expense 600000 Utilities expense 117000 Depreciation expense 98000 Miscellaneous administrative expenses 53200 2940200 Total operating expenses 4384700 Income from operations 1232300 Other revenue and gains Dividend revenue 50000 Other expenses and losses Interest expense 98000 Loss of sale of office equipment 21300 119300 ( 69300 ) Income before income taxes 1163000 Income tax expense 348900 Net income $ 814100 Earnings per share $ 9.05 B.) Return on sales 8.78% Return on assets 10.84% Returns on stockholder’s equity 20.48% Debt to total assets 47.06...
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This note was uploaded on 02/10/2012 for the course ACC 557 037VA016-1 taught by Professor Kimberlydillman during the Spring '11 term at Strayer.

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ch7- 7-5A - Wages and salaries 1264000 Rent expense 808000...

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