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ch13qz01a - 875 0.5 Utilities expense 1,125 0.6 Total...

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BUSINESS MATH USING EXCEL Name ______________________________ Date ______________________________ Chapter 13 - Quiz 01 EAGLE COLLISION CENTER INCOME STATEMENT For the six month period ending June 30, 20-- Amount Percent Revenue Sales $192,000 100.2% Less: Sales returns and allowances 340 0.2% Net sales $191,660 Cost of goods sold Merchandise inventory, January 1, 20-- $53,000 27.7% Purchases less returns and allowances 11,200 5.8% Total merchandise available for sale $64,200 33.5% Less: Merchandise inventory, June 30, 20-- 21,425 11.2% Cost of goods sold $42,775 22.3% Gross profit $148,885 77.7% Operating expenses Delivery expense $567 0.3% Depreciation expense—equipment 7,600 4.0% Payroll tax expense 1,137 0.6% Salary expense 45,955 24.0% Supplies expense 1,156 0.6% Telephone expense
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Unformatted text preview: 875 0.5% Utilities expense 1,125 0.6% Total operating expenses $58,415 30.5% Net income before federal income tax $90,470 47.2% Federal income tax 25,332 13.2% Net income after federal income tax $65,138 4.0% Directions: a. Format Column E for for Percentage and 1 Decimal place. b. Enter a formula in Cell E8 to determine what percent Sales is of Net sales. Divide Sales by Net sales. Be sure to use an absolute cell reference (=D8/$D$10). c. Copy the formula in Cell E8 down Column E to determine what percent each item is of Net Sales. d. Save the file as ch13qz01a.xls. A B C D E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36...
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