Question

You are the president of Our Bakery. Your new accountant, who recently graduated from a local university, presented you with the following income statement for the month of January:
Sales Revenues .............. $660,000
Total January Expenses .......... 595,000
Net Income .............. $ 65,000
By talking to the production departments, you learn that 60,000 units were produced in January at a total cost of $420,000. The sales department notes that 55,000 units were sold for $11 each. Monthly administrative and marketing expenses totaled $75,000.

Required
Based on the above information, calculate the correct amount of net income for January.



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  • CreatedMarch 11, 2015
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