Revenue Sales Less: Sales returns and allowances Net Sales Cost of goods sold Merchandise inventory, January 1 Purchases less returns and allowances Total Cost of merchandise available for sale Less: Merchandise inventory, March 31 Cost of goods sold Delivery expenses Depreciation expense-equipment Payroll taxes expense Salary expense Supplies expense Telephone expense Utilities expense Total operating expenses Net Income before federal income tax Federal income tax Net income after federal income tax The amount of (h) and (d) equal to : Gross Profit Operating expenses 2014 Amount 225,000 -3,840 (a) 66,000 98,000 164,000 -60,225 (b) (c) 467 3,600 388 (f) 204 175 1,907 (h) 99,905 -12,123 87,782 Vertical analysis (% Net Sales) 101.74 (e) 100 29.84 44.31 74.15 27.23 (d) 53.08 0.21 1.63 0.18 (g) 0.09 0.08 0.86 7.9 45.17 -5.48 39.69 .

Revenue Sales Less: Sales returns and allowances Net Sales Cost of goods sold Merchandise inventory, January 1 Purchases less returns and allowances Total Cost of merchandise available for sale Less: Merchandise inventory, March 31 Cost of goods sold Delivery expenses Depreciation expense-equipment Payroll taxes expense Salary expense Supplies expense Telephone expense Utilities expense Total operating expenses Net Income before federal income tax Federal income tax Net income after federal income tax The amount of (h) and (d) equal to : Gross Profit Operating expenses 2014 Amount 225,000 -3,840 (a) 66,000 98,000 164,000 -60,225 (b) (c) 467 3,600 388 (f) 204 175 1,907 (h) 99,905 -12,123 87,782 Vertical analysis (% Net Sales) 101.74 (e) 100 29.84 44.31 74.15 27.23 (d) 53.08 0.21 1.63 0.18 (g) 0.09 0.08 0.86 7.9 45.17 -5.48 39.69 .

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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