1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.
2. Sales discounts amount to $17,000.
3. 30,000 ordinary shares were outstanding for the entire year.
4. Interest expense was $20,000
5. The income tax rate is 30%
6. Cost of goods sold amount to $500,000
7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales.
8. Four-fifths the operating expenses relate to sales activities.