=+162 Chapter 4 /4-4 Your sister operates Emigrant Parts Company, an online boat parts distributorship that is

Question:

=+162 Chapter 4

/\4-4 Your sister operates Emigrant Parts Company, an online boat parts distributorship that is in its Sales discounts third year of operation. The income statement shown below was recently prepared for the year ended July 31, 2008:

EMIGRANT PARTS COMPANY Income Statement For the Year EndedJuly 31, 2008 Revenues:

Net sales Interest revenue Total revenues Expenses:

Cost of merchandise sold Selling expenses Administrative expenses Interest expense Total expenses Net income

$800,000 10,000

$810,000

$520,000 90,000 48,550 15,000 673,550

$136,450

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