LOWRY DEPARTMENT STORE Income Statement For the Year Ended


Question Description:

24.99

LOWRY DEPARTMENT STORE Income Statement For the Year Ended November 30, 2010 Sales revenues Sales $ 1,273,736 Less: Sales returns and allowances 28180 Net Sales 1245556 Cost of Goods Sold 892320 Gross Profit 353236 Operating Expenses Salaries expense $ 164853 Rent expense 47906 Utilities expense 14935 Depr. exp.-Store equip. 13386 Insurance expense 12681 Delivery expense 8736 Depr. exp.-Delivery equip. 5636 Property tax expense 4932 Total operating expenses 273065 Income from operations 80171 Other revenues and gains Gain on sale of equipment $ 2818 Other expenses and losses Interest expense 7045 4227 Income before income taxes 75944 Income tax expense 14090 Net income $ 61854

Answer

24.99