4.
Gold Nest Company
Income Statement
Sales... Rmb 1,250,000
Less cost of goods sold
(Rmb 700,000 - Rmb 7,000)... 693,000
Gross margin ... 557,000
Less selling and administrative expenses:
Sales commissions ... Rmb 63,000
Administrative salaries ... 90,000
Rent expense ... 5,000
Advertising expense... 140,000
Depreciation expense... 12,000 310,000
Net operating income ... Rmb 247,000
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Solutions Manual, Chapter 3 93
Problem 3-19 (60 minutes)
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