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Determine the missing data for each letter in the following three income statements for Fulco Company (in thousands): 2014 2013 2012 Sales P. H 1,144,000 Sales returns and allowances 96,000 76,000 А Net sales Q 1,268,000 B Merchandise inventory, beginning R 152,000 Purchases 768,000 676,000 Purchases returns and allowances 124,000 68,000 Freight-in S 116,000 88,000 Net cost of purchases 756,000 K D Cost of goods available for sale Merchandise inventory, ending 888,000 848,000 728,000 156,000 L 168,000 Cost of goods sold T 716,000 Gross profit 568,000 M 504,000 Selling expenses U 312,000 General and administrative expenses 156,000 132,000 Total operating expenses 520,000 512,000 G Net income V 108,000

Determine the missing data for each letter in the following three income statements for Fulco Company (in thousands): 2014 2013 2012 Sales P. H 1,144,000 Sales returns and allowances 96,000 76,000 А Net sales Q 1,268,000 B Merchandise inventory, beginning R 152,000 Purchases 768,000 676,000 Purchases returns and allowances 124,000 68,000 Freight-in S 116,000 88,000 Net cost of purchases 756,000 K D Cost of goods available for sale Merchandise inventory, ending 888,000 848,000 728,000 156,000 L 168,000 Cost of goods sold T 716,000 Gross profit 568,000 M 504,000 Selling expenses U 312,000 General and administrative expenses 156,000 132,000 Total operating expenses 520,000 512,000 G Net income V 108,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Determine the missing data for each letter in the following three income statements for Fulco Company (in thousands): 2014 2013 2012 Sales P. H 1,144,000 Sales returns and allowances 96,000 76,000 А Net sales Q 1,268,000 B Merchandise inventory, beginning R 152,000 Purchases 768,000 676,000 Purchases returns and allowances 124,000 68,000 Freight-in S 116,000 88,000 Net cost of purchases 756,000 K D Cost of goods available for sale Merchandise inventory, ending 888,000 848,000 728,000 156,000 L 168,000 Cost of goods sold T 716,000 Gross profit 568,000 M 504,000 Selling expenses U 312,000 General and administrative expenses 156,000 132,000 Total operating expenses 520,000 512,000 G Net income V 108,000
Transcribed Image Text:Determine the missing data for each letter in the following three income statements for Fulco Company (in thousands): 2014 2013 2012 Sales P. H 1,144,000 Sales returns and allowances 96,000 76,000 А Net sales Q 1,268,000 B Merchandise inventory, beginning R 152,000 Purchases 768,000 676,000 Purchases returns and allowances 124,000 68,000 Freight-in S 116,000 88,000 Net cost of purchases 756,000 K D Cost of goods available for sale Merchandise inventory, ending 888,000 848,000 728,000 156,000 L 168,000 Cost of goods sold T 716,000 Gross profit 568,000 M 504,000 Selling expenses U 312,000 General and administrative expenses 156,000 132,000 Total operating expenses 520,000 512,000 G Net income V 108,000
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