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Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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Transcribed Image Text:Calculate the missing amounts. (Loss amounts should be Indicated with a minus sign and input all other amounts as positive
velues. Do not round Intermedlate calculations. Round "Gross profit ratio" to 2 decimal places.)
Company A
Company B
2020
2019
2020
2019
Sales
263,000
187,000
48,500
Sales discounts
2,630
1,200
570
Sales returns and allowances
Net sales
16,700
6,200
168,950
45,500
Cost of goods sold
157,100
57,700
Gross profit from sales
51,700
49,100
22,100
Selling expenses
18,620
19,700
25,700
Administrative expenses
26,300
30,400
9,700
Total operating expenses
47,400
Profit (loss)
15,100
2,700
Gross profit ratio
%
%
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