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    Latihan Akbi 2-34 2-35

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    Vanessa Angelynn
    Marvin Department Store purchased $152,000 of goods for resale in December 2017. Their cost of goods sold was $145,000, resulting in a gross profit of $135,000. After operating expenses of $101,000, their net operating income before taxes was $34,000. Huang Wong Ping Retail Outlet Stores purchased $624,000 of goods for resale in December 2017. Their cost of goods sold was $615,600, resulting in a gross profit of $182,400. After operating expenses of $145,220, their net operating income before taxes was $37,180.

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    Latihan Akbi 2-34 2-35

    Uploaded by

    Vanessa Angelynn
    17 views2 pages
    Marvin Department Store purchased $152,000 of goods for resale in December 2017. Their cost of goods sold was $145,000, resulting in a gross profit of $135,000. After operating expenses of $101,000, their net operating income before taxes was $34,000. Huang Wong Ping Retail Outlet Stores purchased $624,000 of goods for resale in December 2017. Their cost of goods sold was $615,600, resulting in a gross profit of $182,400. After operating expenses of $145,220, their net operating income before taxes was $37,180.

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    Marvin Department Store purchased $152,000 of goods for resale in December 2017. Their cost of goods sold was $145,000, resulting in a gross profit of $135,000. After operating expenses of $101,000, their net operating income before taxes was $34,000. Huang Wong Ping Retail Outlet Stores purchased $624,000 of goods for resale in December 2017. Their cost of goods sold was $615,600, resulting in a gross profit of $182,400. After operating expenses of $145,220, their net operating income before taxes was $37,180.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    17 views2 pages

    Latihan Akbi 2-34 2-35

    Uploaded by

    Vanessa Angelynn
    Marvin Department Store purchased $152,000 of goods for resale in December 2017. Their cost of goods sold was $145,000, resulting in a gross profit of $135,000. After operating expenses of $101,000, their net operating income before taxes was $34,000. Huang Wong Ping Retail Outlet Stores purchased $624,000 of goods for resale in December 2017. Their cost of goods sold was $615,600, resulting in a gross profit of $182,400. After operating expenses of $145,220, their net operating income before taxes was $37,180.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 2

    Marvin Department Store

    Cost of Goods Purchased


    December 31, 2017
    a. Purchases $155,000
    Transportation-in $7,000
    Purchases Return and Allowances -$4,000
    Purchase Discount -$6,000
    Cost of Good Purchase $152,000

    Marvin Department Store


    Cost of Goods Sold
    December 31, 2017
    b Merchandise Inventory Beginning $27,000
    Cost of Good Purchase $152,000
    Merchandise Inventory Ending -$34,000
    Cost of Good Sold $145,000

    Marvin Department Store


    Income Statement
    December 31, 2017
    c. Revenues $280,000
    Cost of Good Sold $145,000
    Gross Profit $135,000
    Operating cost :
    Marketing, distribution, and customer-service costs $37,000
    Utilities $17,000
    General and Administrative costs $43,000
    Miscellanous Costs $4,000
    Total Operating costs $101,000
    Net Operating Income Before Tax $34,000
    Huang Wong Ping Retail Outlet Stores
    Cost of Goods Purchased
    December 31, 2017
    a. Purchases $654,000
    Merchandise freight-in $25,000
    Purchases Return and Allowances -$32,400
    Purchase Discount -$22,600
    Cost of Good Purchase $624,000

    Huang Wong Ping Retail Outlet Stores


    Cost of Goods Sold
    December 31, 2017
    b Merchandise Inventory Beginning $115,800
    Cost of Good Purchase $624,000
    Merchandise Inventory Ending -$124,200
    Cost of Good Sold $615,600

    Huang Wong Ping Retail Outlet Stores


    Income Statement
    December 31, 2017
    Revenues $798,000
    Cost of Good Sold $615,600
    Gross Profit $182,400
    Operating cost :
    Marketing and advertising costs $54,300
    Depreciation on store fixtures $10,420
    Shipping of merchandise to customers $5,700
    General and Administrative costs $74,800
    Total Operating costs $145,220
    Net Operating Income Before Tax $37,180

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