Homework Answers
| Income statement | ||||
| For the year ended december 31, 2016 | ||||
| sales | 1500000 | |||
| less: cost of goods sold | 450000 | |||
| Gross profit | 1050000 | |||
| Expenses: | ||||
| selling expenses | ||||
| sales salaries | 398000 | |||
| advertising expenses | 175000 | |||
| delivery expenses | 20000 | |||
| total selling expenses | 593000 | |||
| general & administrative expenses | ||||
| office supplies | 56000 | |||
| depreciation on building | 40000 | |||
| total administrative expenses | 96000 | |||
| net income | 361000 | |||
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2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson...
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