Business Mathematics 13th Edition by Gary Clendenen,Stanley Salzman

Exercise 1

Benni's Fish Co. had gross sales of $756,300 with returns of $285. The inventory on January 1 was $92,370, and the cost of goods purchased during the year was $465,920. Freight costs during the year were $1205. Total inventory on December 31 was $82,350. Salaries and wages totaled $84,900, advertising was $2800, rent was $42,500, utilities were $18,950, taxes on inventory and payroll were $4500, and miscellaneous expenses totaled $18,400. Income taxes were $25,450. Complete the following income statement.