4. Film Specialties, Inc.
Income Statement
For the Year Ended April 30
Sales revenue ... $6,000,000
Less cost of films sold ($4,000,000 – $85,000) ... 3,915,000
Gross margin ... 2,085,000
Less operating expenses:
Salaries expense ... $650,000
Advertising expense... 800,000
Insurance expense ... 10,000
Depreciation expense ... 130,000
Rent expense ... 40,000 1,630,000
Net operating income ... $ 455,000
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Solutions Manual, Chapter 3 111
Problem 3-26 (30 minutes)
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