finish this 12 month proforma income statement January Income January Income % o

Question

finish this 12 month proforma income statement

January

Income

January

Income

% of sales Net Sales 500,000 100 Cost of goods sold 140,000 28 Gross Profit on sales 360,000 72 Expense salaries expense 15,000 3.33 advertising 6,000 1.2 delivery and freight 15,000 2.33 misc expense 1,000 0.02 administrative expense licenses 600 1.012 insurnace 2,500 1.05 Nonsales salaries 35,000 7 payroll taxes 7,000 1.4 Rent/mortgage 14,000 2.8 Utilities 8,000 1.6 Legal fees 2,000 0.4 Depreciation 45,000 9 misc Administrative Expenses 1,000 0.02 Total Expenses 152,100 30.4 Income from operations 22,000 4.4 Other income Interest income 500 0.1 Other expenses 16,000 3.2 Net profit before taxes 7,050 1.41 income taxes 5,000 1 net profit after taxes 6,000 1.2 note 51,000

Explanation / Answer

This question is answered but there are few area's where there is a slight difference in the figures computed and I'm just mentioning the areas with proper amounts because the rest of the statement is correct.

* Misc admin.exp is 0.2 but not 0.02

* Insurance exp is 0.5 but not 1.05

* Licence's is 0.12 but not 1.012

* Misc exp is 0.2 instead of 0.02

* Salaries exp is 3 instead of 3.33

* Delivery and flight is 3, instead of 2.33.   

Thank you.

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