## Answers

FURLOW COMPANY | ||

Income Statement | ||

For the month ended March 2020 | ||

Particulars | Amount ($) | Amount ($) |

SALES REVENUE | ||

Sales Revenues | 3,80,000 | |

Less: Sales return and allowances | 13,000 | |

Less: Sales Discounts | 8,000 | 21,000 |

Net Sales | 3,59,000 | |

Less: Cost of goods sold | 2,12,000 | |

Gross Profit | 1,47,000 | |

Less: Operating Expenses | ||

Rent Expenses | 32,000 | |

Insurance Expenses | 6,000 | |

Freight out | 7,000 | |

Salaries & wage expenses | 58,000 | |

Total Operating expenses | 1,03,000 | |

Net Income | 44,000 |

**Gross Profit rate**

Gross Profit rate = [Gross profit / Net Sales] x 100

= [$147,000 / $359,000] x 100

= 40.95%

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