Homework Answers
| Ans. | FRAY CONSTRUCTION INC. | |||
| Income Statement | ||||
| For the Month of September 2019 | ||||
| Particulars | Amount | |||
| Sales Revenue | $500,000 | |||
| Less: Sales returns and allowances | -$12,000 | |||
| Less: Sales discounts | -$10,000 | |||
| Net sales revenue | $478,000 | |||
| Cost of goods sold | $150,000 | |||
| Gross margin | $328,000 | |||
| Less: Operating expenses | $45,000 | |||
| Operating income (E BIT) | $283,000 | |||
| Add: Other revenues and gains | $1,500 | |||
| Less: Other expenses and losses | -$2,500 | |||
| Net income | $282,000 | |||
| *E BIT = Earnings before interest and taxes | ||||
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