Home Entertainment reported $150,000 in sales for June with $40,000 in selling expenses and $25,000 in administrative expenses. Their merchandise inventory increased from $12,000 to $22,000 while purchases totaled $90,000, resulting in a cost of goods sold of $80,000 and gross profit of $70,000. After operating expenses, Home Entertainment's net income for June was $5,000.
Home Entertainment reported $150,000 in sales for June with $40,000 in selling expenses and $25,000 in administrative expenses. Their merchandise inventory increased from $12,000 to $22,000 while purchases totaled $90,000, resulting in a cost of goods sold of $80,000 and gross profit of $70,000. After operating expenses, Home Entertainment's net income for June was $5,000.
Home Entertainment reported $150,000 in sales for June with $40,000 in selling expenses and $25,000 in administrative expenses. Their merchandise inventory increased from $12,000 to $22,000 while purchases totaled $90,000, resulting in a cost of goods sold of $80,000 and gross profit of $70,000. After operating expenses, Home Entertainment's net income for June was $5,000.
Home Entertainment reported $150,000 in sales for June with $40,000 in selling expenses and $25,000 in administrative expenses. Their merchandise inventory increased from $12,000 to $22,000 while purchases totaled $90,000, resulting in a cost of goods sold of $80,000 and gross profit of $70,000. After operating expenses, Home Entertainment's net income for June was $5,000.
FOR THE MONTH OF JUNE Sales $150000 Cost of goods sold Beginning balance 12000 Purchases 90000 Closing balance (22000) Total cost of goods sold (80000) GROSS PROFIT $70000 Operating expenses Selling expenses 40000 Administrative expenses 25000 (65000) NET INCOME $ 5000