E4-9 - Administrative expenses: Office salaries expense...

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THE BENT NEEDLE COMPANY Income Statement For the Year Ended August 31, 2008 Revenue from sales: Sales 1,275,000 Less: Sales returns and allowances 80,000 Sales discounts 20,000 100,000 Net Sales 1,375,000 Cost of Merchandise sold 570,000 Gross profit 805,000 Operating expenses: Selling expenses: Sales salaries expense 1,275,000 Advertising expense Depr. Expense-store equipment Miscellaneous selling expense Total selling expenses
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Unformatted text preview: Administrative expenses: Office salaries expense 10,600 Rent expense Depr. Expense -office equipment Insurance expense Office supplies expense Misc. adminstrative expenses Total administrative expenses Total operating expenses Income from operations Other income and expenses: Rent revenue Interest expense 7,500 Income before taxes Income taxes Net income...
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