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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: View the Income Statements.

Consider the following partially completed income statements for merchandising companies and compute the missing amounts: View the Income Statements.

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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K Consider the following partially completed income statements for merchandising companies and compute the missing amounts: 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 $ $ Flynt Corp. 101,000 52,000 (2,200) 62,000 39,000 15,000 Rustic Gear 28,000 89,000 (2,200) 115,000 83,000
Transcribed Image Text:K Consider the following partially completed income statements for merchandising companies and compute the missing amounts: 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 $ $ Flynt Corp. 101,000 52,000 (2,200) 62,000 39,000 15,000 Rustic Gear 28,000 89,000 (2,200) 115,000 83,000
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