Accounting Income Statement
Accounting Income Statement
Accounting Income Statement
Company Name
Net sales
Gross profit
- Operating expenses
Operating profit
- Interest expense
- Taxes
Net income
Income Statement
Burghoff, Incorporated
For the 12 month period Ending December 31, 2003
EBT 100,000
Taxes 40,000
Notes: Net sales = Gross sales – Returns and Allowances = (10,000) ($400) – 200,000.
Cost of goods sold = # units sold x Cost per unit = (10,000) ($300).
What was Burghoff’s 2003 ending inventory balance (in both units and in dollars)?
Depreciation 78,000
Taxes 51,000
ANSWER:
Income Statement
The Appully Company
For the 12 month period Ending December 31, 2003
Depreciation 78,000
Taxes 51,000