Compute the following amounts for the income statement. Do not use negative signs in your answers. 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

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

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