Business, 29.07.2021 01:00 nevecronin

Compute the following amounts for the income statement. Do not use negative signs in your answers. Kelly's Kandles Antiques Galore
Sales 133200 40,000
Cost of goods sold
Gross margin 25600
Selling expenses 13,500 4,000
General and Admin. expenses 16,100 1000
Net income before tax 51600
Income tax expense 1,200
Net income 32300

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Answer from: larissacrystalow8g2w

Therefore, we have:

Kelly's Kandles Antiques Galore

Sales 133200 40,000

Cost of goods sold 52,000 14,400

Gross margin 81,200 25600

Selling expenses 13,500 4,000

General and Admin. expenses 16,100 1000

Net income before tax 51600 20,600

Income tax expense 19,300 1,200

Net income 32300 19,400

Explanation:

Given:

Kelly's Kandles Antiques Galore

Sales 133200 40,000

Cost of goods sold

Gross margin 25600

Selling expenses 13,500 4,000

General and Admin. expenses 16,100 1000

Net income before tax 51600

Income tax expense 1,200

Net income 32300

For Kelly's Kandles, we have:

Gross margin = Selling expenses + General and Admin. expenses + Net income before tax = 13,500 + 16,100 + 51,600 = 81,200

Cost of goods sold = Sales - Gross margin = 133200 - 81,200 = 52,000

Income tax expense = Net income before tax - Net income = 51600 - 32300 = 19,300

For Antiques Galore, we have:

Cost of goods sold = Sales - Gross margin = 40000 - 25600 = 14,400

Net income before tax = Gross margin - Selling expenses - General and Admin. Expenses = 25,600 - 4,000 - 1,000 = 20,600

Income tax expense = Net income before tax - Net income = 20,600 - 1,200 = 19,400

Therefore, we have:

Kelly's Kandles Antiques Galore

Sales 133200 40,000

Cost of goods sold 52,000 14,400

Gross margin 81,200 25600

Selling expenses 13,500 4,000

General and Admin. expenses 16,100 1000

Net income before tax 51600 20,600

Income tax expense 19,300 1,200

Net income 32300 19,400

Answer from: Quest

answer; /// the above statement is (true);

Answer from: Quest

The answer is passage 1.

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Compute the following amounts for the income statement. Do not use negative signs in your answers....

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