Score: 0 of 1 pt 2 of 8 (0 complete) HW Score: 0%, 0 of 8 15.1.3 Question Help i

Question

Score: 0 of 1 pt 2 of 8 (0 complete) HW Score: 0%, 0 of 8 15.1.3 Question Help in the last fiscal year Bill's Bookstore had gross sales of $216,000 with returns of $4320. At the beginning of the fiscal year, Bill ad an inventory of $43200. During the year he purchasod a total of $86,400 worth of payroll were $1728, miscellaneous expenses were $6048, and income taxes were $12,960 Find the cost of goods sold, the gross profit, the net income before taxes, and the net income after taxes. Bill's cost for goods sold was utilities were $2592 Enter your answer in the answer box and then click Check Answer. Clear All 853 PM Type here to search

Explanation / Answer

Income Statement for bill book store Particulars Amount in $ Amount in $ Revenues Gross sales 216000 Less: Returns 4320 Net sales 211680 Less: Cost of Goods sold Opening Inventory 43200 Add: Purchases 86400 Add: Freight charges 1296 Goods available for sale 130896 Less: Closing inventory -54000 Cost of goods sold 76896 76896 Gross profit 134784 Selling & Admin Expenses Wages& Salaries 32400 rent 9504 advertising 3456 utilities 2592 taxes on Inventory & payroll 1728 Misc expenses 6048 55728 Income before taxes 79056 Income taxes 12960 Net Income After taxes 66096 Cost of goods sold 76896 gross profit 134784 net income before taxes 79056 Net income after taxes 66096

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