Week 3 assignment - (a) Net Sales Cost of Goods Sold Gross...

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(a) Multi-Step Form Whitney Houston Shoe Co. Income Statement For Year Ended December 31, 2007 Net Sales $980,000 Cost of Goods Sold 496,000 Gross Profit on Sales 484,000 Operating Expenses Selling Expenses Wages and Saleries $114,800 Dep. Expenses (70% * 65,000) 45,500 Materials and Supplies 17,600 $177,900 Administrative Expenses Wages and Salaries 135,900 Other Admin. Expenses 51,700 Dep. Expenses (30% * 65,000) 19,500 207,100 385,000 Income from Operations 99,000 Other Revenues Rental Revenues 29,000 128,000 Other Expenses Interest Expense 18,000 Income Before Taxes 110,000 Income Tax 37,400 Net incom 72,600 Earnings per share (72,600/20,000) $3.63 (b) Single Step Whitney Houston Shoe Co. Income Statement For Year Ended December 31, 2007 Revenues Net Sales $980,000 Rental Revenue 29,000 Total Revenues 1,009,000 Expenses Cost of goods sold 496,000 Selling expenses 177,900 Administrative Expenses 207,100 Interest Expense 18,000 Total Expenses 899,000 Income before taxes 110,000 Income tax
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This note was uploaded on 04/04/2012 for the course ACC 422 taught by Professor Susan during the Spring '08 term at University of Phoenix.

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Week 3 assignment - (a) Net Sales Cost of Goods Sold Gross...

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