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University Of New Mexico Operations And Supply Chain Management Assignment Help - Retained Earnings


Question - Retained Earnings
2010 2009
R/E @ the beginning 407,000 61,000
Add net income 395,000 373,000
Total 802,000 434,000
Deduct Dividends
On preferred stock 3,000 3,000
On common stock 24,000 24,000
Total 27,000 27,000
R/E @ the End 775,000 407,000

Income Statements
2010 2009
GROSS sales 1,502,000 1,403,000
Returns & Allowances 2,000 3,000
NET sales 1,500,000 1,400,000
Cost of Goods sold 480,000 450,000
Gross Profit 1,020,000 950,000
Selling Expenses 300,000 275,000
Administrative Exp. 200,000 198,000
Total Op. Exp. 500,000 473,000
Income from Ops 520,000 477,000
Other Income 24,000 5,000
544,000 482,000
Interest expense 100,000 70,000
Income Before taxes 444,000 412,000
Income tax expense 49,000 39,000
Net Income 395 ...Read More

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