Net Solutions

Income Statement
For the Month Ended 31st December, 2011
Revenue from Sales $ $ $
Sales $720,185
Less: Sales Return and Allowances $6,140
Sales Discounts $5,790 $11,930
Net Sales $708,255
Cost of Merchandise Sold $525,305
Gross Profit $182,950
Operating Expenses:
Selling Expenses $70,820
Admin Expenses $34,890
Total Operating Expenses $105,710
Income from Operations $77,240
Other income and Expenses
Rent Revenue $600
Interest Expense $2,440 -$1,840
Net Income $75,400
 Cost of Merchendise Sold
Merchendise inventory on 1st Jan, 2011 $59,700
Purchases $521,980
less: Purchases returns and alllowances $9,100
Purchases discounts $2,525 $11,625
Net Purchases $510,355
Add Freight in $17,400
Cost of Merchendise Purchased $527,755
Merchendise available for Sale $587,455
less merchendise inventory on 31st Dec, 2011 $62,150
Cost of Merchendise Sold $525,305