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[ديبو]

V. Please Solve this exercise using the blank paper provided to you with this application:

A company based in Mohandessin, Cairo bought in the year 2000 @ EGP 80,000, units of contact lenses @ EGP 6.00 per unit.

§ 40 % of the amount was paid cash against documents and the balance was paid in deferred A/Cs payable due 90 days from Airway bill.

§ The company hired a new sales manager and sales have grown since by 20 % over 1999 in units and in EGP.

§ Note that sales in 1999 were off 3000 units of contact lenses @ a total of EGP 300,000 then. Unit price in 2000 remained the same. Although the company invested in a good training program to enhance Sales capabilities in year 2000. The Cost of this program was of EGP 25,000.

§ As well as its total Salaries and Expenses paid monthly in year 2000 were off EGP 11,000 and a monthly rent of EGP 2,000 and other utilities were of EGP 500 per month.

§ In 1999 & 2000, the Company has also incurred 20 % in shipping & customs costs on top of the EGP 6.00 unit price.

§ Part of the Finance of the operation was extended by a gulf based Businessman at a monthly fee of EGP 1,000 on the Capital he invested.

P.S.: Note that in 2000 the company hired a consultant to advice on monthly strategy in Egypt for a total annual fee of EGP 60,000. And be advised that the monthly Depreciation were similar to 1999 or EGP 3,000 / month.

Please draw the Income Statement of the year ending Dec. 31st, 2000.

[2rockets]

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