Respuesta :
Answer:
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
