Prepare an income statement for Rachel Mini Supermarket based on the given data and answer the questions that follow.

∙ For the month of June, Rachel Mini Supermarket had a total assets of ........... 986,380.00

∙ Sales returns and allowances of the same month were ........16,517.25

∙ On June 1, Rachel Mini Supermarket had an inventory of merchandise costing  123,405.00. During the second week of the month, merchandise costing 126,308.00 was purchased.

∙ On June 30, merchandise inventory was 93,008.00

∙ Operating expenses for the month were as follows: 

salary and wages ...................48,700.00 

space rent ..............................25,000.00 

utilities ...................................3,000.00 

depreciation of equipment ....6,400.00 

advertisement .........................5,210.00

other expenses .......................26,775.00 

a). What were Rachel Mini Supermarket’s net sales for the month?

b). What was the cost of goods sold for June?

c). What was Rachel Mini Supermarket’s gross profit on its sales?

d). What were Rachel Mini Supermarket’s total operating expenses?

e). What was the net income or loss?

Answer rating: 100% (QA)

RACHEL MINI SUPERMARKET INCOME STATEMENT For the month ended June XXXX Sales 98638000 Sales Returns ... View the full answer