4.
Supreme Videos, Inc.
Income Statement
For the Year Ended December 31
Sales of videos... $925,000
Less cost of goods sold ($600,000 – $9,400).. 590,600
Gross margin ... 334,400
Less selling and administrative expenses:
Depreciation expense... $ 21,000
Advertising expense... 130,000
Administrative salaries ... 95,000
Insurance expense ... 1,400
Miscellaneous expense ... 8,600 256,000
Net operating income ... $ 78,400
© The McGraw-Hill Companies, Inc., 2006. All rights reserved.
Solutions Manual, Chapter 3 95
Problem 3-20 (60 minutes)
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