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Marissa Babilonia Health Store Income Statement

Marissa Babilonia Health Store had net sales of $9,410,000 for the year ended December 31, 2021. Its cost of goods sold was $6,500,000, resulting in a gross profit of $2,910,000. Total operating expenses were $3,340,000, including selling expenses of $1,580,000 and administrative expenses of $1,760,000. This led to an operating loss of $430,000 and a net loss of $430,000 for the year.

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Erica Castro
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83 views2 pages

Marissa Babilonia Health Store Income Statement

Marissa Babilonia Health Store had net sales of $9,410,000 for the year ended December 31, 2021. Its cost of goods sold was $6,500,000, resulting in a gross profit of $2,910,000. Total operating expenses were $3,340,000, including selling expenses of $1,580,000 and administrative expenses of $1,760,000. This led to an operating loss of $430,000 and a net loss of $430,000 for the year.

Uploaded by

Erica Castro
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Problem #9 8-27

Marissa Babilonia Health Store

Income Statement

For the Year Ended Dec. 31, 2021

Net Sales

Gross Sales 9,810,000

Less: Sales Returns&Allowances 260,000

Sales Discount 140,000 400,000

Net Sales 9,410,000

Cost of Sales

Merchandise Inventory, 1/1/2021 1,160,000

Purchases 6,710,000

Less: Purchases Returns & Allowances 250,000

Purchases Discounts 180,000 430,000

Net Purchases 6,280,000

Transportation In 100,000

Net Cost of Purchases 6,380,000

Goods Available for Sale 7,540,000

Less: Merchandise Inventory, 12/31/2021 1,040,000

Cost of Sales 6,500,000

Gross Profit 2,910,000

Operating Expenses

Selling Expenses

Salaries Expense-Selling 960,000

Transportation Out 260,000

Advertising Expense 150,000

Depreciation Expense-Store Equipment 140,000

Selling Supplies Expense 70,000

Total Selling Expenses 1,580,000

Administrative Expenses

Salaries Expense-General 1,130,000


Depreciation Expense-Office Equipment 110,000

Office Supplies Expense 430,000

Miscellaneous Expense 90,000

Total Administrative Expenses 1,760,000

Total Operating Expenses 3,340,000

Operating Loss -430,000

Finance Cost

NET LOSS -430,000

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