BUSINESS PRACTICE AND ACCOUNTS FOR COOPERATIVE STORES. 



11 



Form 7.— MANAGER'S REPORT— Continued. 



PART II.i— INCOME SHEET. 



A. — ^Trading Statement. 



I 



I 



SALES: 













24 



Gross Sales 



76, 130 00 









25 

 26 



Less Returns & Allowances on Sales 



Net Sales 



200 00 



75,930 











00 



COST ( 



3F 

 27 



28 



29 

 30 



MERCHANDISE SOLD: 



Inventory Jan. 1, 1915 , 10, 300. 00 



Merchandise Purchases 60, 100. 00 

 (Exclusive of Discount) 



Produce 7,200.00 67,300.00 













Accounts Payable Dec. 31, 1915 1, 600. 00 







31 

 32 



Freight, Express & Cartage 600.00 



79,81000 









Gross Merchandise Cost 









Deduct: 













33 



Inventory Dec. 31 , 1915 14, 900. 00 













34 

 35 

 36 



Accounts Payable Jan. 1, 1915 2, 100. 00 

 Net Cost of Merchandise Sold (turnover) 

 Gross Trading Profit 

 Notes: 



17,000 



00 



62,800 











00 





13,130 00 













Average Inventory (26) and (31) 



Stock Turns (33) divided by average inventory 5.0 times 



Cost equals 82.7% of Sales 



Gross Trading Profit equals 17.3% of Sales. 



12,600 



00 







1 The two statements included in this part are shown in detail for the purpose of indicating the method 

 ot obtaining the de :ired information. It is often more satisfactory to present the income sheet to the mem- 

 bership in a more condensed form. 



