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QED Electronics - Problem 3.7

QED Electronics Company provided a worksheet summarizing transactions for the month of April 200x. [1] Key transactions included purchasing a truck for $19,000, receiving $1,600 in parts, and generating $33,400 in sales. [2] The worksheet calculated cost of sales as $3,700 and expenses totaling $21,625, resulting in a net profit before tax of $8,075. [3] After paying $2,800 in taxes, the net profit for the month was $5,275.

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2K views1 page

QED Electronics - Problem 3.7

QED Electronics Company provided a worksheet summarizing transactions for the month of April 200x. [1] Key transactions included purchasing a truck for $19,000, receiving $1,600 in parts, and generating $33,400 in sales. [2] The worksheet calculated cost of sales as $3,700 and expenses totaling $21,625, resulting in a net profit before tax of $8,075. [3] After paying $2,800 in taxes, the net profit for the month was $5,275.

Uploaded by

ivanyongforex
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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QED Electronics Company

Worksheet

Bank Vehicle Prov Dep Inventory A/c rec = R.E Loan Int Acc wages Acc exp Prov tax
Truck (19,000) 19,000
Parts Recd (1,600) 1,600
Parts used (1,600) (1,600)
Sales 20,500 12,900 33,400
Baddebts (645) (645)
Interest (880) 880
Wages (8,600) (10,000) 1,400
Parts used (2,100) (2,100)
Utility (1,500) (800) (700)
Dep exp (2,700) (2,700)
SellingExp (1,900) (1,900)
Taxes (2,600) (2,800) 200
Adm exp (4,700) (4,700)

(19,400) 19,000 (2,700) (2,100) 12,255 7,055 5,275 880 1,400 (700) 200 7,055

QED Electronics Company


Income statement for April 200x

Sales 33,400
Less: cost of sales (3,700)
Gross profit 29,700
Less: expenses
Wages (10,000)
Utility (800)
Interest (880)
Bad debts (645)
Adm expenses (4,700)
Selling expenses (1,900)
Depreciation (2,700)
(21,625)

Net profit before tax 8,075


Taxation (2,800)

Net profit after tax 5,275

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