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Chapter 8-Problem 9

The income statement for Marissa Babilonia Health Store for the year ended December 31, 2015 shows net sales of $9,410,000 with cost of goods sold of $6,500,000 resulting in a gross profit of $2,910,000. Total operating expenses were $3,340,000 including selling expenses of $1,440,000 and administrative expenses of $1,900,000, resulting in a net loss of $430,000.

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3K views4 pages

Chapter 8-Problem 9

The income statement for Marissa Babilonia Health Store for the year ended December 31, 2015 shows net sales of $9,410,000 with cost of goods sold of $6,500,000 resulting in a gross profit of $2,910,000. Total operating expenses were $3,340,000 including selling expenses of $1,440,000 and administrative expenses of $1,900,000, resulting in a net loss of $430,000.

Uploaded by

kakao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Marissa Babilonia Health Stor

Income Statement
For the Year Ended December 31

Net Sales
Gross Sales
Less: Sales Returns & Allowances
Sales Discounts
Net Sales
Less: Cost of Sales
Merchandise Inventory, 1/1/2015
Purchases
Less: Purchase Returns & Allowance 250,000
Purchase Discount 180,000
Net Purchases
Transportation In
Net Cost of Purchases
Goods Available for Sale
Less: Merchandise Inventory, 12/31/2015
Cost of Sales
Gross Profit
Less: Operating Expenses
Selling Expenses
Advertising Expense
Salaries Expense - Selling
Selling Supplies Expense
Transportation Out
Total Selling Expenses
Administrative Expenses
onia Health Store
Statement
d December 31, 2015

9,810,000
260,000
140,000 400,000
9,410,000

1,160,000
6,710,000

430,000
6,280,000
100,000
6,380,000
7,540,000
1,040,000
6,500,000
2,910,000

150,000
960,000
70,000
260,000
1,440,000
Depreciation Expense - Office Equipment
Depreciation Expense - Store Equipment
Miscellaneous Expense
Office Supplies Expense
Salaries Expense - General
Total Administrative Expenses
Total Operating Expense
Profit (Loss)
110,000
140,000
90,000
430,000
1,130,000
1,900,000
3,340,000
(430,000)

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