Problems of Accounting

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

%

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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 …

    • 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