Income statement relationship
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29. Income statement relationships.
Fill in the appropriate blanks for each of the independent situations below.
Company A Company B Company C
Sales (a) $_______ $343,400 $540,000
Beginning inventory 52,600 (d) _______ 90,000
Net purchases 175,300 255,600 (g) _______
Ending inventory 52,200 108,000 63,000
Cost of goods sold (b) _______(e) _______ 407,000
Gross profit 85,300 98,000 (h) _______
Operating expenses (c) _______50,000 48,000
Income before taxes 6,000 (f) _______ (i) _______
(a)_________
(b)_________
(c)_________
(d)_________
(e)_________
(f)_________
(g)_________
(h)_________
(i)__________
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Solution Summary
This post shows how to calculate sales, beginning inventory net purchases, ending inventory, cost of goods sold, gross profit, operating expenses and income before taxes
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See the attached file.
Fill in the appropriate blanks for each of the independent situations below.
Company A Company B Company C
Sales (a) $_______ $343,400 $540,000
Beginning ...
Purchase this Solution
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