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1.

Net
Sales
Sales (451,000 + 3,500 freight) 454,500
Sales Returns and Allowances (3,900)
Sales Discounts (880)
NET SALES 449,720

2. Co
st of Goods Available for Sale
Inventory beg., Jan. 1, 89,700
2017
Purchases 141,600
Freight In (5,525 + 570) 6,095
Purchase Returns and (8,496) 139,199
Allowances (141,600 x 6%)
COST OF GOODS 228,899
AVAILABLE FOR SALE

3. Inv
entory, Dec. 31, 2017
Inventory, ending 20,550
Goods out on consignment 18,600
INVENTORY, DEC. 31, 2017 39,150

4. Op
erating Expenses
Operating Expenses:
Sales Salaries and Commissions 25,108
(25,000 + [3,600x3%])
Advertising Expense 16,696
(16,090 +[1,818x2/6])
Depreciation Expense – 6,750
Sales/Delivery Equipment
(6,100 + [7,800x10%x10/12])
Freight Expense 3,500
Travel Expense – Sales 4,560
Representatives
Miscellaneous Selling Expenses 2,740
Administrative Expenses:
Legal Services 2,225
Insurance and Licenses 7,680
Depreciation Expense-Office 4,200
Equipment
Utilities 6,400
Telephone and Postage 1,475
Office Supplies Expense 955
(2,180-1,225)
Office Salaries 36,600
Doubtful Accounts Expense 5,060
(5,220-160)
TOTAL OPERATING EXPENSES 123,949

5. Su
pplies Expense
Supplies Inventory 2,180
Supplies on hand at year end (1,225)

SUPPLIES EXPENSE 955

6. Do
ubtful Accounts Expense
Doubtful Account (261,000 x 2%) 5,220
Allowance for Doubtful Accounts (160)
(Cr. Bal)

DOUBTFUL ACCOUNTS EXPENSE 5,060


7. Int
erest Revenue
Interest Revenue 550
Interest earned but not accrued 560
TOTAL 1,110

8. Inc
ome from Continuing operations before taxes
Total Income * 274,051
Operating Expenses (123,949)
Interest Expense (4,520)
Loss on Sale of Equipment (72,600)
72,982

* Net Sales 449,720


Cost of Goods Sold 189,749
(228,899-39,150)
Gross Income 259,971
Interest Revenue (550+560) 1,110
Dividend Revenue 5,150
Gain on Sale of assets 7,820
TOTAL INCOME 274,051

9. Inc
ome Taxes
Income before Tax 72,982
Tax rate 30%
INCOME TAX 21,895

10. Net
Income to be closed to retained earnings
Income before tax 72,982
Income tax (72,982x 30%) (21,895)
Income from continuing operations 51, 087
Income from discontinued 28,000
operations, net of tax (40,000 x 70%)
NET INCOME 79,087

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