Question

AutoSave u U File Home Insert Draw Page Layout Formu Calibri Calibri BIU -1-AA == - A- Paste Clipboard F B17 January February Income 3 Sales $ 120,000.00 $ 123,000.00 $ $ 120,000.00 $ 123,000.00 $ $ $ 5 Total Income 6 Cost of Goods Sold 7 Purchases 8 Commissions 10 Total Cost of Goods Sold 11 Gross Profit 12 Operating Expenses 13 Payroll 14 Utilities 15 Other 17 Total Operating Expenses 18 Net Income (60,900.00 $ (62,400.00) $ (12,000.00 $ (12,300.00 $ (72,900.00) $ (74,700.00) $ 47,100.00 $ 48,300.00 $ S $ - 16000 - 7000 -19500 -16000 -7000 -19500 19 Inputs Supporting schedules Operating Bud

Answer 1

Solution

	January	February
Sales	$ 120,000.00	$ 123,000.00
Total Income	$ 120,000.00	$ 123,000.00
Cost of goods sold
Purchases	$ (60,900.00)	$ (62,400.00)
Commission	$ (12,000.00)	$ (12,300.00)
Total cost of goods sold	$ (72,900.00)	$ (74,700.00)
Gross profit	$    47,100.00	$    48,300.00
Operating expenses
Payroll	$ (16,000.00)	$ (16,000.00)
Utilities	$    (7,000.00)	$    (7,000.00)
Other	$ (19,500.00)	$ (19,500.00)
Total operating expenses	$ (42,500.00)	$ (42,500.00)
Net income	$      4,600.00	$      5,800.00

Working

	January	February
Sales	120000	123000
Total Income	=+B3	=+C3
Cost of goods sold
Purchases	-60900	-62400
Commission	-12000	-12300
Total cost of goods sold	=+B7+B8	=+C7+C8
Gross profit	=+B5+B10	=+C5+C10
Operating expenses
Payroll	-16000	-16000
Utilities	-7000	-7000
Other	-19500	-19500
Total operaing expenses	=+B13+B14+B15	=+C13+C14+C15
Net income	=+B11+B17	=+C11+C17