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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income $ $ Smith, Inc. 101,000 13200 $ 50,000 63200 (2,200) 61,000 40,000 28000 12,000 Allen, Inc. 200800 29,000 60000 89,000 (2,200) 86800 114,000 84,000 30000 BULB Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Print $ $ Smith, Inc. Done 101,000 (a) 50,000 (b) (2.200) 61,000 40,000 (c) 12,000 points) possible Allen, Inc. $ (d) 29,000 (0) 89,000 (2,200) 114,000 84,000 $ (g) - X

Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income $ $ Smith, Inc. 101,000 13200 $ 50,000 63200 (2,200) 61,000 40,000 28000 12,000 Allen, Inc. 200800 29,000 60000 89,000 (2,200) 86800 114,000 84,000 30000 BULB Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Print $ $ Smith, Inc. Done 101,000 (a) 50,000 (b) (2.200) 61,000 40,000 (c) 12,000 points) possible Allen, Inc. $ (d) 29,000 (0) 89,000 (2,200) 114,000 84,000 $ (g) - X

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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5 Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income $ $ Smith, Inc. 101,000 13200 50,000 63200 (2,200) 61,000 40,000 28000 12,000 $ Allen, Inc. 200800 *31*30*** 29,000 60000 89,000 (2,200) 86800 114,000 84,000 30000 Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Print $ $ on: 5 point(s) possible Smith, Inc. 101,000 Done (a) 50,000 (b) (2,200) 61,000 40,000 (c) 12,000 Allen, Inc. $ (d) 29,000 (e) 89,000 (2,200) (1) 114,000 84,000 $ (g)
Transcribed Image Text:5 Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income $ $ Smith, Inc. 101,000 13200 50,000 63200 (2,200) 61,000 40,000 28000 12,000 $ Allen, Inc. 200800 *31*30*** 29,000 60000 89,000 (2,200) 86800 114,000 84,000 30000 Data table Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Print $ $ on: 5 point(s) possible Smith, Inc. 101,000 Done (a) 50,000 (b) (2,200) 61,000 40,000 (c) 12,000 Allen, Inc. $ (d) 29,000 (e) 89,000 (2,200) (1) 114,000 84,000 $ (g)
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