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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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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 % %
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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