Oliver Wholesalers.xlsx

1 Page
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Department
Business Administration
Course Code
Business Administration 1220E
Professor
Sean Burkett

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Description
Oliver Wholesalers - Proprietorship Statement of Earnings for the year ending May 31, 2012 Net Sales $ 4,326,000.00 Cost of Goods Sold: Beginning Inventory, May 31, 2011 $ 822,000.00 Plus: Purchases (net) $ 3,502,000.00 Cost of goods available for sale $ 4,324,000.00 Less: Inventory, May 31, 2012 $ 1,022,000.00 Cost of Goods Sold $ 3,302,000.00 Gross Income $ 1,024,000.00 Operating Expenses: Gen / Admin Expenses $ 445,000.00 Selling Expenses $ 437,000.00 Amortization Expenses $ 52,000.00 Total Operating Expenses $ 934,000.00 Net Earnings $ 90,000.00 Oliver Wholesalers - Proprietorship Statement of Capital for the year ending May 31, 2012 Capital May 31, 2011 $ 600,000.00 Net Earnings for the year, May 31, 2012 $ 90,000.00 Total Retained Earnings: $ 690,000.00 Less: Drawings $ 56,000.00 Capital, May 31, 2012 $ 634,000.00
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