/index.php/2021/01/27/fac-150/#gf 289 Three years ago, Debbie Sells and her brother-in law Mikey Mooney opened Family Department Store. For the fast two years, business was good, but the following condensed income results for 2013 were disappointing Family Department Store Income Statement For the Year Ended December 31, 2013 9 ? # 3 $ O A Net Sales $700,000 Costs of goods 553.000 sold 147,000 Gross Profit Operating expenses Selling Expenses $100,000 Administrative 20,000 120.000 expenses Net income $27.000 40 % & 5 6 7 8 T > 144 6 o