Problems of Accounting
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Operating data for Navarro Corporation are presented below.
2015
2014
Net sales $750,000 $600,000
Cost of goods sold 465,000 390,000
Selling expenses 105,000 66,000
Administrative expenses 60,000 54,000
Income tax expense 36,000 27,000
Net income 84,000 63,000
NAVARRO CORPORATION
Condensed Income Statements
For the Years Ended December 31
2015
2014
Amount
Percent
Amount
Percent
Net sales
$750,000
%
$600,000
%
Cost of goods sold
465,000
%
390,000
%
Gross profit
285,000
%
210,000
%
Selling expenses
105,000
%
66,000
%
Administrative expenses
60,000
%
54,000
%
Total operating expenses
165,000
%
120,000
%
Income before income taxes
120,000
%
90,000
%
Income taxes expense
36,000
%
27,000
%
Net income
$84,000
%
$63,000
%
10 years ago
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