9 KConsider the following partially completed income statements for merchandising companies and compute the missing amounts:View the Income Statements.Net Sales RevenueCost of Goods Sold:Beginning Merchandise InventoryPurchases and Freight InCost of Goods Available for SaleEnding Merchandise InventoryCost of Goods SoldGross ProfitSelling and Administrative ExpensesOperating Income$$Flynt Corp.101,00052,000(2,200)62,00039,00015,000Rustic Gear28,00089,000(2,200)115,00083,000

Income statement is prepared by the management that reflects the income generated by the business by…

Answered: Consider the following partially…

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

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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Question

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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