Wright Company Revenue Net Sales 952,000 other revenue 16,000 968,000 Cost of go
ID: 2376991 • Letter: W
Question
Wright Company
Revenue
Net Sales 952,000
other revenue 16,000
968,000
Cost of goods sold 548,000
Gross profit 420,000
Operating expenses
Selling expenses 160,000
Administrative expenses 104,000
264,000
Net earnings $156,000
As an experienced, knowledgeable accountant, you review the statement and determine the following facts. 1. Net sales consist of sales $972,000, less freight-out on merchandise sold $20,000. 2. Other revenues consist of sales discounts $12,000 and interest revenue $4,000. 3. Selling expenses consist of salespersons
Explanation / Answer
Wright compnay Net sales 960000 Other revenue 4000 964000 COGS 568000 Gross profit 396000 operating expenses selling 72000 admin 192000 Net earnings 132000