Accounting for Lawyers

Two Cities, Inc. Income Statement For the Year Ending Dec. 17, 2003 Sales Revenue $318,000 Less: Cost of Goods Sold Opening Inventory $100,000 Purchases $163,000 Less: Closing Inventory $ 131,000 Cost of Goods Sold $132,000 Gross Profit on Sales $186,000 Less: Operating Expenses Packing $10,000 Depreciation $14,940 Repairs $300 Wages $60,000 ... ................
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