Explain when adding and substracting
Homework Answers
PROFIT AND LOSS STATEMENT FOR ZALES COMPANY DURING DECEMBER,2019
TOTAL SALES REVENUE $ 4,21,000
LESS SALES RETURN AND ALLOWANCES $ 12,630
SALES DISCOUNTS $ 8,420
NET SALES $ 399,950
COST OF GOODS SOLD $ (2,80,000)
GROSS PROFIT $ 1,19,950
OPERATING EXPENSES:
Salaries $ 42,000
frieght & shipment $ 7000
Store rent $ 35,000
insurance expense $ 12,000
TOTAL OPERATING EXPENSES $ 96,000
OPERATING PROFIT $ 23,950
OTHER REVENUES AND EXPENSE 0
NET INCOME $ 23,950
CALCULATIONS:
TOTAL REVENUE - SALES RETURN- SALES DISCOUNTS = NET SALES
NET SALES - COST OF GOOD SOLD = GROSS PROFIT
TOTAL OPERATING EXPENSES = SUM OF ALL OPERATING EXPENSES( 42000+7000+35000+12000) = 96000
OPERATING PROFIT = GROSS PROFIT - OPERATING EXPENSES
NET INCOME = OPERATING PROFIT - OTHER REVENUES AND EXPENSES( IN THIS QUESTION NONE LIKE THAT, SO 0)
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Explain when adding and substracting
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