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  • Utsav Patel 20220137assignment 3

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    The document contains an operating statement and balance sheet for a 6 month period. The operating statement shows net sales of $6,50,000 with a gross profit of $2,08,000 after accounting for costs of goods sold and expenses. The net profit for the period was $38,500. The balance sheet lists total assets of $2,34,222 including inventory, equipment, and accounts receivable, with equal total liabilities including accounts payable, notes payable, and retained earnings.

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    Utsav Patel 20220137Assignment 3

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    The document contains an operating statement and balance sheet for a 6 month period. The operating statement shows net sales of $6,50,000 with a gross profit of $2,08,000 after accounting for costs of goods sold and expenses. The net profit for the period was $38,500. The balance sheet lists total assets of $2,34,222 including inventory, equipment, and accounts receivable, with equal total liabilities including accounts payable, notes payable, and retained earnings.

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    3 views2 pages

    Utsav Patel 20220137assignment 3

    Uploaded by

    utsavp931
    The document contains an operating statement and balance sheet for a 6 month period. The operating statement shows net sales of $6,50,000 with a gross profit of $2,08,000 after accounting for costs of goods sold and expenses. The net profit for the period was $38,500. The balance sheet lists total assets of $2,34,222 including inventory, equipment, and accounts receivable, with equal total liabilities including accounts payable, notes payable, and retained earnings.

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    of 2

    Operating Statement After 6 Month Period

    Net Sales $ 6,50,000.00

    Total Revenue $ 6,50,000.00 100%


    COGS:-
    Direct Labour $ 1,20,000.00 18%
    Materials $ 2,40,000.00 37%
    Depriciation $ 12,000.00 2%
    Overhead $ 1,50,000.00 23%
    Inventory on Hand $ 80,000.00 12%
    Total COGS $ 4,42,000.00 68%
    Gross Profit $ 2,08,000.00 32%

    Sales & Admin Expense $ 1,08,000.00 17%


    Other Expense $ 5,000.00 1%
    Rent $ 18,000.00 300%
    Profit Before Taxes $ 77,000.00 12%
    Federal Income taxes $ 38,500.00 50%
    Net Profit $ 38,500.00 50%

    *Subtract inventory on hand from other COGS

    Balancesheet On 1st Day of 7th Month


    Assets $ Liabilities $
    Cash $ 15,000.00 A/c. Payable $ 20,000.00
    A/c. rec.* $ 72,222.00 Notes Payable $ 32,222.00
    Inventory $ 80,000.00 Accured Wages $ 5,000.00
    Equipment $ 60,000.00 Accured Tax $ 38,500.00
    Deprication $ 2,000.00 Retained Earnings $ 38,500.00
    Net F.A. $ 5,000.00 Capital Stock $ 1,00,000.00
    Total Assets $ 2,34,222.00 Total Liabilities $ 2,34,222.00
    od

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