财务会计第六章答案 毕晓方.doc

Ex06 6-1 a. $485,000 ($250,000 + $970,000 – $735,000) b. 40% ($485,000 ÷ $1220,000) No. If operating expenses are less than gross profit, there will be a net income. On the other hand, if operating expenses exceed gross profit, there will be a net loss. 6-2 $15710million ($20946 million – $5236million) 6-3 a) purchases returns and allowances, purchases discounts b) transportation c) merchandise available for sale d) merchandise inventory 6-4 见书 6-5 Net sales 3570000-320000-240000=3010000 Gross profit 3010000-2142000＝868000 6-6 THE Meriden COMPANY Income Statement For the Year Ended June 30, 2003 Revenues: Net sales $ 5,400,000 Rent revenue 30,000 Total revenues $ 5,430,000 Expenses: Cost of merchandise sold $3,240,000 Selling expenses 480,000 Administrative expenses 300,000 Interest expense 47,500 Total expenses 4,067,500 Net income $ 1,362,500 6-7 1. Sales returns and allowances and sales discounts should be deducted from (not added to) sales. 2. Sales returns and allowances and sales discounts should be deducted from sales to yield net sales (not gross sales). 3. Deducting the cost of merchandise sold from net sales yields gross profit. 4. Deducting the total operating expenses from gross profit would yield income from operations (or operating income). 5. Interest revenue should be reported under the caption “Other income” and should be added to Income from operations to arrive at Net income. 6. The final amount on the income statement should be labeled Net income, not Gross profit. A correct income statement would be as follows: THE Plautus COMPANY Income Statement For the Year Ended OCT 31, 2003 Revenue from sales: Sales $4,200,000 Less: Sales returns and allowances $81,200 Sales discounts 20,300 101,500 Net sales $ 4,098,500 Cost of merchandise sold 2,093,000 Gross profit $ 2,004,500 Operating expenses: Selling expenses $ 203,000 Transportation out 7,500 Administrative expenses 122,000 Total o