Kelly's Kandles Antiques Galore Sales 162400 40,000 Cost of goods sold Gross margin 18500 Selling expenses...

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Kellys Kandles Antiques Galore Sales 162400 40,000 Cost of goods sold Gross margin 18500 Selling expenses 13,500 4,000 16,10

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Answer 1

Answer #1

Sales-Cost of goods sold=Gross margin

Gross margin-Selling expenses-General and Admin. expenses=Net income before tax

Net income before tax-Income tax expense=Net income

	Kelly's Kandles	Antiques Galore
Sales	162400	40,000
Cost of goods sold	(162400-79300)=$83100	(40,000-18500)=$21500
Gross margin	(13500+16100+49700)=$79300	18500
Selling expenses	13500	4000
General and Admin. expenses	16100	3500
Net income before tax	49700	(18500-4000-3500)=$11,000
Income tax expense	(49700-37600)=$12100	1200
Net income	37600	(11000-1200)=$9800

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Answer 2

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