Baldwin Field Enterprises Income Statement For the Years Ended December 31, 2015 and 2014 2015 2014 Amount Amount Revenue from sales: Sales $89,000 $71,400 Less returns 2,300 1.200 NET SALES $86,700 $70,200 Cost of goods sold: Inventory, January 1 Purchases Available for sale Inventory, December 31 Cost of goods sold Gross Profit $22,000 38,000 $60,000 24,100 $35,900 $50,800 $19,000 35,000 $54,000 22,000 $32,000 $38,200 $10,900 $11,200 7500 1,400 6000 450 1,200 380 600 Operating expenses: Salary Rent Advertising Delivery Depreciation Equipment rentals Administrative Miscellaneous Total operating expenses Income before tax Income tax NET INCOME 650 350 420 1,900 1,700 .700 1901 220 $23,640 $27,160 2.100 $16,780 2,100 $14,680 Assume that the beginning inventory was $19,500 in 2014 and $20,500 in 2015 and that the rent w beginning inventory and rent numbers. Round to the nearest whole percent Baldwin Field Enterprises Income Statement For the Years Ended December 31, 2015 and 2014 2015 2014 Amount Revenue from sales: Sales $89,000 $71,400 Less returns 2,300 NET SALES $86,700 $70,200 $19,000 35.000 Cost of goods sold: Inventory, January 1 Purchases Available for sale Inventory, December 31 Cost of goods sold Gross Profit $22,000 38,000 $60,000 24,100 $397900 $50,800 $54,000 22,000 $32,000 $38.200 $11.200 7500 1.400 $10.900 6000 1,200 380 600 450 650 Operating expenses: Salary Rent Advertising Delivery Depreciation Equipment rental Administrative Miscellaneous Total operating expenses Income before tax Income tax NET INCOME 350 1,900 190 $23,640 $27.160 420 1,700 220 $21,420 $16,780 100 $14.680 Assume that the beginning inventory was $19.500 in 2014 and $20.500 in 2015 and that the rent was $6,400 in tory and rentoumbers Round to the nearest hole percent wory ww8.500 2014 e n Road to the 20.000 per ing