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Stein Books Inc. sold 1,500 finance textbooks for $225 each to High Tuition University in 20X1. These books cost $190 to produce. Stein Books spent $12,300 (selling expense) to convince the university to buy its books.
Depreciation expense for the year was $15,300. In addition, Stein Books borrowed $101,000 on January 1, 20X1, on which the company paid 14 percent interest. Both the interest and principal of the loan were paid on December 31, 20X1. The publishing firm's tax rate is 30 percent.
Complete a income statement for Stein Books.
Sales:
Cost of goods sold:
Gross Profit:
Selling Expense:
Depreciation Expense:
Operating Profit:
Interest Expense:
Earnings before taxes:
Taxes:
Earnings after taxes:
Suppose that Ken-Z Art Gallery has annual sales of $890,000, cost of goods sold of $580,000, average inventories of $166,000, average accounts receivable.
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