Question: Chapter 15, problem 15(14) 2A Kasay Company Comparative income statement NEED HELP ON FIGURING PERCENTAGES! KASAY COMPANY Comparative Income Statement For the Years Ended December
Chapter 15, problem 15(14) 2A Kasay Company Comparative income statement
NEED HELP ON FIGURING PERCENTAGES!
| KASAY COMPANY | |||||||||||
| Comparative Income Statement | |||||||||||
| For the Years Ended December 31, 2014 and 2013 | |||||||||||
| 2014 | 2013 | ||||||||||
| Amount | Percent | Amount | Percent | ||||||||
| Sales | $ 922,500 | $ 820,000 | |||||||||
| Sales returns and allowances | 22,500 | 20,000 | |||||||||
| Net sales | $ 900,000 | $ 800,000 | |||||||||
| Cost of goods sold | 360,000 | 340,000 | |||||||||
| Gross profit | $ 540,000 | $ 460,000 | |||||||||
| Selling expenses | $ 216,000 | $ 176,000 | |||||||||
| Administrative expenses | 81,000 | 72,000 | |||||||||
| Total operating expenses | $ 297,000 | $ 248,000 | |||||||||
| Income from operations | $ 243,000 | $ 212,000 | |||||||||
| Other income | 135,000 | 92,000 | |||||||||
| Income before income tax | $ 378,000 | $ 304,000 | |||||||||
| Income tax | 270,000 | 240,000 | |||||||||
| Net income | $ 108,000 | $ 64,000 | |||||||||
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