Answers
| Sales Revenue | Amount | Amount | ||||
| Sales Revenue | $ 700,000.00 | |||||
| Less: | Sales Returns and Allowances | $ 8,000.00 | ||||
| Net Sales | $ 692,000.00 | |||||
| Cost of Goods sold | $ 507,000.00 | |||||
| Gross Profit / (Loss) | $ 185,000.00 | |||||
| Operating Expenses | ||||||
| Freight Out | $ 6,500.00 | |||||
| Depreciation Expense | $ 11,000.00 | |||||
| Insurance Expense | $ 7,000.00 | |||||
| Rent Expense | $ 15,000.00 | |||||
| Salaries and Wages Expense | $ 96,000.00 | |||||
| Sales commissions expense | $ 11,000.00 | |||||
| Utilities Expense | $ 8,500.00 | |||||
| Property Tax expense | $ 2,500.00 | |||||
| Total operating expense | $ 157,500.00 | |||||
| Income from operations | $ 27,500.00 | |||||
| Other revenues and gains | ||||||
| Interest Revenue | $ 8,000.00 | |||||
| Other expenses and losses | ||||||
| Interest Expense | $ 6,400.00 | $ 1,600.00 | ||||
| Net Income | $ 29,100.00 | |||||
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