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What is the Net Profit ratio for this company? 1. 20% 2. 16% 3. 12% 4. 24% INCOME STATEMENT Particulars Amount Income 687,700 Revenues from
What is the Net Profit ratio for this company?
1. 20% 2. 16% 3. 12% 4. 24%
INCOME STATEMENT | ||
Particulars | Amount | |
Income | 687,700 | |
Revenues from Court Fees | 678,100 | |
Revenues from Locker Fees | 9,600 | |
Expenses | ||
Cost of Sales: | 474,600 | |
Supplies | 1,200 | |
Wages Expense | 351,000 | |
Maintenance Expense | 51,600 | |
Utilities Expense | 64,800 | |
Supplies Expense | 6,000 | |
Gross Profit: | 213,100 | |
Operating Expenses: | 131,150 | |
Advertising Expense | 39,750 | |
Depreciation Expense - Building | 30,000 | |
Depreciation Expense - Equipment | 12,000 | |
Property Tax Expense | 22,500 | |
Miscellaneous Expense | 6,900 | |
Operating Profit: | 166,450 | |
Income Tax Expense | 20,000 | |
Profit: | 81,950 |
BALANCE SHEET | ||
Particulars | Amount | |
Assets | ||
Current Assets: | 35,800 | |
Cash | 26,200 | |
Prepaid Advertising | 9,600 | |
Non Current Assets: | 590,800 | |
Land | 100,000 | |
Building | 645,200 | |
Accumulated Depreciation - Building | -260,000 | |
Equipment | 156,000 | |
Accumulated Depreciation - Equipment | -50,400 | |
Total Assets: | 626,600 | |
Liabilities | ||
Current Liabilities: | 127,500 | |
Accounts Payable | 73,000 | |
Wages Payable | 9,000 | |
Property Taxes Payable | 22,500 | |
Unearned Revenue - Locker Fee | 3,000 | |
Income Taxes Payable | 20,000 | |
Non Current Liabilities: | 0 | |
Total Liabilities: | 127,500 | |
Equity | ||
Common Stock | 200,000 | |
Retained Earnings | 299,100 | |
Total Equity: | 499,100 |
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