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Kazeer [188]
3 years ago
12

Below is last month's business income statement for Korey's Comics. Using the information provided in the statement, determine n

et income for Korey's Comics last month. Korey?s Comics Monthly Business Income Statement Revenue Sales: $6,825 Returns: $215 Net Sales: Cost of Goods Sold Beginning Inventory: $780 Purchases: $1,795 Goods Available for Sale: Ending Inventory: $795 Total Cost of Goods Sold: Gross Profit:: Operating Expenses Wages: $1,460 Rent: $650 Utilities: $185 Advertising: $90 Taxes: $125 Total Operating Expenses: Net Income: a. $2,320 b. $2,510 c. $4,830 d. $6,610
Mathematics
2 answers:
suter [353]3 years ago
6 0
The Answer is A) 2,320. Here is how we arrive at that number:
Net Sales = Revenue - Returns = 6,825 - 215 = 6610
COGS = Beg Inv + Purch - Ending Inv = 780 + 1,795 - 795 = 1780
Gross Profit = Net Sales - COGS = 6610 - 1780 = 4830

OP Expenses:
<span> <span> </span><span><span> Wages <span>    1,460.00
</span> </span> <span> Rent <span>        650.00
</span> </span> <span> Utilities <span>    185.00
</span> </span> <span> Advert <span>     90.00
</span> </span> <span> Tax <span>         125.00
</span></span></span></span>Total Operating Expenses: 2,510

Net Income = Gross Profit - Operating Expenses = 4,830 - 2510 = 2320
Net Income: 2,320
kow [346]3 years ago
5 0

Answer:

The answer is A I took the test

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