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Income Statement Preparation

Fill in the appropriate blanks for each of the independent situations below.

Company A Company B Company C
Sales (a) $_______ $343,400 $540,000
Beg inventory 52,600 (d) _______ 110,000

Net purchases 190,300 255,600 (g) _______
Ending inventory 52,200 105,000 63,000
COGS (b) _______ (e) _______ 407,000

Gross profit 85,300 98,000 (h) _______

Op.expenses (c) _______ 50,000 48,000

Income before taxes 10,000 f) _______ (i) _______

Solution Preview

** See the ATTACHED Excel file for the math/formulas used to calculate the answers below! **

A B C
Sales 276000 343400 540000
Beginning ...

Solution Summary

This provide steps for Income Statement Preparation

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