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    Missing Amounts

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    Petson Company's financial information is presented below:

    Sales ????
    Sales Returns and Allowances $30,000
    Net Sales $250,000
    Beginning Merchandise Inventory ????
    Purchases $170,000
    Purchase Returns and Allowances $ 15,000
    Ending Merchandise Inventory $ 35,000
    Cost of Goods Sold $180,000
    Gross Profit ????

    The missing amounts above are
    Sales Beginning Inventory Gross Profit
    a. 280,000 45,000 70,000
    b. 220,000 45,000 100,000
    c. 280,000 60,000 70,000
    d. 220,000 60,000 100,000

    © BrainMass Inc. brainmass.com June 3, 2020, 9:41 pm ad1c9bdddf
    https://brainmass.com/business/accounting/missing-amounts-financial-statement-195056

    Solution Preview

    Net Sales = Sales - Sales Returns and Allowances
    Sales = ...

    Solution Summary

    The solution explains how to calculate the missing amounts in the financial information.

    $2.19

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