Maynard Essay

270 Words2 Pages
maynard company INCOME STATEMENT JUNE Sales ($44,420 cash +sales $26,505 cresit sales) .......................... $70,925 less cost of sales *....................................... $39,345 gross margin ................................................. $31,580 expenses wages($5,660+$2,202=$1974).................................. $5,888 utilities ........................................ 900 supplies($5,559+$1,671-$6,63)............................... 600 insurance(3,150-2826).................................... 324 depreciation ($157,950-$156,000)+(5,928-$5,304).......... 2,774 miscellaneous .............................................. 135 10,421 income before income tax ..................................... 21,159 income tax expense($7,224-$5,700)....................... 1524 net income .............................................. 19,635 less dividends .................................... 11,700 increase in retained earnings ...................... $7,935 cost of sales merhandise purchased for cash........................... $14,715 merchandise purchased on credit ..................... 21,315

More about Maynard Essay

Open Document