Sales Revenue 145964

Cost of Sales 31% of Sales

Wages Expense 20.5% of Sales

Operating Expenses $41,000

Rent Expense $17,500

Depreciation Expense $10,500

Operating Income $

Additional Information

• Actual sales revenue in May was $108,000
• Actual purchases (cost of sales) in May was $69,000
• Sales revenue is 25% cash
• Credit card sales revenue is 75% of total sales, of which 98% is collected in the month of sales, 2% is collected in the following month
• 40% of inventory purchases are paid in the month of purchase, the remaining 60% is paid in the following month
• Wages and operating expenses included in the income statement are paid in cash in June
• Cash balance at the end of May was

  Sales Revenue $First 6 Digits of Your Student Number

  Cost of Sales 31% of Sales

  Wages Expense 20.5% of Sales

  Operating Expenses $41,000

  Rent Expense $17,500

  Depreciation Expense $10,500

  Operating Income $

  Additional Information

• Actual sales revenue in May was $108,000
• Actual purchases (cost of sales) in May was $69,000
• Sales revenue is 25% cash
• Credit card sales revenue is 75% of total sales, of which 98% is collected in the month of sales, 2% is collected in the following month
• 40% of inventory purchases are paid in the month of purchase, the remaining 60% is paid in the following month
• Wages and operating expenses included in the income statement are paid in cash in June
• Cash balance at the end of May was $4193