BUSINESS MATH_x000D_USING EXCEL

Name _______________________________x000D__x000D_Date ______________________________

A B C D E
1 Chapter 14 - Practice 02
2
3 NICHOLS CARPET CLEANING
4 INCOME STATEMENT
5 For the six month period ending June 30, 20--
6 Amount Percent
7 Revenue
8 Sales $100,000
9 Less: Sales returns and allowances 840
10 Net sales $99,160
11 Cost of goods sold
12 Merchandise inventory, January 1, 20-- $66,000
13 Purchases less returns and allowances 39,200
14 Total merchandise available for sale $105,200
15 Less: Merchandise inventory, June 30, 20-- 60,225
16 Cost of goods sold $44,975
17 Gross profit $54,185
18 Operating expenses
19 Delivery expense $467
20 Depreciation expense—equipment 3,600
21 Payroll tax expense 388
22 Salary expense 10,739
23 Supplies expense 204
24 Telephone expense 175
25 Utilities expense 1,907
26 Total operating expenses $17,480
27 Net income before federal income tax $36,705
28 Federal income tax 12,113
29 Net income after federal income tax $24,592
30
31 Directions:
32 1. Format Column E for for Percentage and 1 Decimal place.
2. Enter a formula in Cell E8 to determine what percent Sales
33 is of Net sales. Divide Sales by Net sales. Be sure to use an
absolute cell reference (=D8/$D$10).
3. Copy the formula in Cell E8 down Column E to determine what
34
percent each item is of Net Sales.
35 4. Save the file as ch14pr02a.xlsx.
36
BUSINESS MATH_x000D_USING EXCEL
Name _______________________________x000D__x000D_Date ______________________________

A B C D E
1 Chapter 14 - Practice 02 (Answers)
2
3 NICHOLS CARPET CLEANING
4 INCOME STATEMENT
5 For the six month period ending June 30, 20--
6 Amount Percent
7 Revenue
8 Sales $100,000 100.8%
9 Less: Sales returns and allowances 840 0.8%
10 Net sales $99,160 100.0%
11 Cost of goods sold
12 Merchandise inventory, January 1, 20-- $66,000 66.6%
13 Purchases less returns and allowances 39,200 39.5%
14 Total merchandise available for sale $105,200 106.1%
15 Less: Merchandise inventory, June 30, 20-- 60,225 60.7%
16 Cost of goods sold $44,975 45.4%
17 Gross profit $54,185 54.6%
18 Operating expenses
19 Delivery expense $467 0.5%
20 Depreciation expense—equipment 3,600 3.6%
21 Payroll tax expense 388 0.4%
22 Salary expense 10,739 10.8%
23 Supplies expense 204 0.2%
24 Telephone expense 175 0.2%
25 Utilities expense 1,907 1.9%
26 Total operating expenses $17,480 17.6%
27 Net income before federal income tax $36,705 37.0%
28 Federal income tax 12,113 12.2%
29 Net income after federal income tax $24,592 24.8%
30
31 Directions:
32 1. Format Column E for for Percentage and 1 Decimal place.
2. Enter a formula in Cell E8 to determine what percent Sales
33 is of Net sales. Divide Sales by Net sales. Be sure to use an
absolute cell reference (=D8/$D$10).
3. Copy the formula in Cell E8 down Column E to determine what
34
percent each item is of Net Sales.
35 4. Save the file as ch14pr02a.xlsx.
36