10 Marcie sells books in Fargo, North Dakota. Data regarding her Sales budget To

Question

10 Marcie sells books in Fargo, North Dakota. Data regarding her Sales budget Total salesS 400,000 375,000 S 420,000 November T December January Collection schedule Month of sale Next month Uncollectible The cost of goods sold is 70% 28% 2% 50% of"sales *Other monthly expenses to be paid in cash are $25,000. *Monthly depreciation is $15.000. : MOPco the purchase is paid for in he month of purchase, the remaindr is paid in the followving month * Marcie declared a special dividend of S10,000 on November 5 to be paid on Dec. 15 Net income for November would be: A. B. C. D. E. $112,000 $142.000 $167,000 $160,000 $152,000

Explanation / Answer

net income sales 400,000 less cost of goods sold 200,000 gross profit 200,000 less :Expenses other expenses 25,000 Depreciation expense 15,000 40,000 net income 160,000 answer ) option D $160,000

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