4 1 A B U EAGLE COLLISION CENTER INCOME STATEMENT For the six month period ending June 30, 20-- Amount 8 Sales 7 Revenue 9 Less: Sales returns and allowances $192,000 340 10 Net sales 11 Cost of goods sold 12 Merchandise inventory, January 1, 20-- $191,660 $53,000 13 Purchases less returns and allowances 14 Total merchandise available for sale 11,200 $64,200 15 Less: Merchandise inventory, June 30, 20-- 21,425 16 Cost of goods sold $42,775 17 Gross profit $148,885 18 Operating expenses 19 Delivery expense $567 20 Depreciation expense-equipment 7,600 21 Payroll tax expense 1,137 22 Salary expense 45,955 23 Supplies expense 1,156 24 Telephone expense 875 25 Utilities expense 1,125 26 Total operating expenses $58,415 27 Net income before federal income tax $90,470 28 Federal income tax 25,332 29 Net income after federal income tax $65,138 30 Directions: 31 32 a. Format Column E for for Percentage and 1 Decimal place. 33 34 b. Enter a formula in Cell E8 to determine what percent Sales is of Net sales. Divide Sales by Net sales. Be sure to use an absolute cell reference (=D8/$D$10). c. Copy the formula in Cell E8 down Column E to determine what percent each item is of Net Sales. E Percent