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  • ABM 14 - Casañas - ACTIVITY 4

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    Casañas, Gillian Drake
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    The income statement of Heron Foliage Sales Company for the year ended December 31, 2014 shows total sales of $78,000 with $2,500 in returns and discounts, resulting in net sales of $75,500. Cost of goods sold was $37,300, giving a gross profit of $38,200. Total operating expenses were $18,400, including selling expenses of $14,500 and administrative expenses of $3,900. This resulted in net income of $19,800.

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    ABM 14- Casañas_ACTIVITY 4

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    The income statement of Heron Foliage Sales Company for the year ended December 31, 2014 shows total sales of $78,000 with $2,500 in returns and discounts, resulting in net sales of $75,500. Cost of goods sold was $37,300, giving a gross profit of $38,200. Total operating expenses were $18,400, including selling expenses of $14,500 and administrative expenses of $3,900. This resulted in net income of $19,800.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    6 views1 page

    ABM 14 - Casañas - ACTIVITY 4

    Uploaded by

    Casañas, Gillian Drake
    The income statement of Heron Foliage Sales Company for the year ended December 31, 2014 shows total sales of $78,000 with $2,500 in returns and discounts, resulting in net sales of $75,500. Cost of goods sold was $37,300, giving a gross profit of $38,200. Total operating expenses were $18,400, including selling expenses of $14,500 and administrative expenses of $3,900. This resulted in net income of $19,800.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    GILLIAN DRAKE E.

    CASAÑAS
    ABM 14

    HERON FOLIAGE SALES COMPANY


    Income Statement
    For the Year Ended December 31, 2014

    Sales Revenues
    Sales $ 78,000
    Less; Sales returns and allowances $ 2,000
    Sales Discounts 500 2,500
    Net Sales 75,500
    Cost of Goods Sold 37,300
    Gross profit 38,200

    Operating Expenses
    Selling Expenses
    Sales salaries expense 12,000
    Advertising expense 800
    Store supplies expense 700
    Depreciation expense-store 1,000
    Total selling expenses 14,500

    Administrative Expenses
    Office salaries expense 3,000
    Office supplies expense 400
    Depreciation expense-office 500
    Total administrative expenses 3,900
    Total operating expenses 18,400

    Net Income $ 19,800

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