4.
Almeda Products, Inc.
Income Statement
For the Year Ended March 31
Sales... $1,000,000
Less cost of goods sold ($720,000 + $4,000) .. 724,000
Gross margin ... 276,000
Less selling and administrative expenses:
Salary expense ... $ 90,000
Advertising expense... 100,000
Insurance expense ... 2,000
Depreciation expense... 27,000 219,000
Net operating income ... $ 57,000
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Solutions Manual, Chapter 3 97
Problem 3-21 (60 minutes)
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