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The Operating Cycle and Merchandising Operations

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Merchandising Income Statement: Missing Data, Multiple Years
E 12. Determine the missing data for each letter in the following three income
statements for Sampson Paper Company (in thousands):
2011 2010 2009
Sales $ p $ h $572
Sales returns and allowances 48 38 a
Net sales q 634 b
Merchandise inventory, beginning r i 76
Purchases 384 338 c
Purchases returns and allowances 62 j 34
Freight-in s 58 44
Net cost of purchases 378 k d
Cost of goods available for sale 444 424 364
Merchandise inventory, ending 78 l 84
Cost of goods sold t 358 e
Gross margin 284 m 252
Selling expenses u 156 f
General and administrative expenses 78 n 66
Total operating expenses 260 256 g
Net income v o 54.

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Solution Summary

The response provides a completed income statement. Click in cells to see computations.

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