4.
Hudson Company
Income Statement
For the Year Ended December 31
Sales... $250,000
Less cost of goods sold ($130,000 + $4,200) .. 134,200
Gross margin ... 115,800
Less selling and administrative expenses:
Depreciation expense... $ 9,000
Advertising expense... 48,000
Administrative salaries expense ... 30,000
Insurance expense ... 600
Miscellaneous expense ... 9,500 97,100
Net operating income ... $ 18,700
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Solutions Manual, Chapter 3 99
Problem 3-22 (60 minutes)
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