BUSINESS PKACTICE AND ACCOUNTS FOR COOPERATIVE STORES. 
11 
Form 7.— MANAGER'S REPORT— Continued. 
PART II. 1 — INCOME SHEET. 
A. — Trading Statement. 
SALES: 
24 
Gross Sales 
76, 130 00 
25 
26 
Less Returns & Allowances on Sales 
Net Sales 
200 00 
75,930 
00 
COST ( 
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, 810 00 
Gross Merchandise Cost 
Deduct: 
33 
Inventory Dec. 31, 1915 14, 900. 00 
34 
35 
Accounts Payable Jan. 1, 1915 2, 100. 00 
Net Cost of Merchandise Sold (turnover) 
17, 000 00 
62, 800 
00 
36 
Gross Trading Profit 
Notes: 
| 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 
i 
00 
i The two 
oi obtaining 
bership in a 
statements included in this part are shown in detail for the purpose of indicating the method 
the de ired information. It is often more satisfactory to present the income sheet to the mem- 
more condensed form. 
