Sept 16 Bus 1220E Asst.docx

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Department
Business Administration
Course
Business Administration 1220E
Professor
Scott Lin
Semester
Fall

Description
Oliver WholesalesProprietorship Statement of earnings For the year ending May 31 2012 in000s of dollarsGross Sales Less Sales allowancesSales discounts Net sales4326 Cost of Goods soldBeginning inventory May 31 2011822Add Net purchases3502Cost of goods available for sale 4324 Less Ending inventory May 31 20121022 Cost of Goods sold 3302Gross incomeprofit1024 Operating expensesAmortization expense52General and Administrative expenses445Selling expenses437 Total Operating expenses934Earnings from operation90Net earnings before tax 90Estimate income taxrate 0 personal income tax
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