Review the following:Data TableCost of Goods Sold$101Gross Sales181Sales Returns and Allowances16Sales Discounts21Operating Expenses47 From the information provided, calculate:a. Gross profitb. Net income or net loss Calculate (a) Gross profit. - =Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - =Net income or net loss - = Review the following:From the information provided, calculate:a. Gross profitb. Net income or net lossE (Click the icon to view the account balances.)Calculate (a) Gross profit.Data TableGross profitCost of Goods Sold$101Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.)Gross Sales181Net income or net lossSales Returns and Allowances16Sales Discounts21Operating Expenses47PrintDone

Gross profit = Net sales – Cost of goods sold Net income or loss = Gross Profit – Operating expenseGross profit = Net sales – Cost of goods sold Net sales = Gross sales – ( Sales return + Sales discount ) = 181 – ( 16 + 21 ) = 144 Gross profit = 144 – 101 = 43 Net income or loss = Gross Profit – Operating expense = 43 – 47 = - 4

Answered: Data Table Cost of Goods Sold $101…

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

Review the following:

Data Table

Cost of Goods Sold	$101
Gross Sales	181
Sales Returns and Allowances	16
Sales Discounts	21
Operating Expenses	47

From the information provided, calculate:

a. Gross profit

b. Net income or net loss

Calculate (a) Gross profit.

	-		=	Gross profit
	-		=

Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.)

	-		=	Net income or net loss
	-		=

Review the following:
From the information provided, calculate:
a. Gross profit
b. Net income or net loss
E (Click the icon to view the account balances.)
Calculate (a) Gross profit.
Data Table
Gross profit
Cost of Goods Sold
$
101
Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.)
Gross Sales
181
Net income or net loss
Sales Returns and Allowances
16
Sales Discounts
21
Operating Expenses
47
Print
Done

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