Income Statement Calculation O'Connor Company's inome statement information for 2019 and 2020 (a sole proprictorship) is as follows: E5-3 LO 5.4 2019 2020 $ (a) 206,000 130,000 7,000 62,000 (b) 114,000 35,000 2,000 20,000 (c) $ (d) (e) 140,000 6,000 Beginning inventory Sales Purchases Purchases returns and allowances Ending inventory Gross profit Cost of goods sold Selling expenses Transportation-in General and administrative expenses (0 100,000 120,000 36,000 5,000 (g) 43,000 Net income Required: Next Level Provide the missing amounts for the blanks labeled (a) through (g). All the necessary information is listed (Hinr It is not nccessary to calculate your answers in alphabetical order.)

Income Statement Calculation O'Connor Company's inome statement information for 2019 and 2020 (a sole proprictorship) is as follows: E5-3 LO 5.4 2019 2020 $ (a) 206,000 130,000 7,000 62,000 (b) 114,000 35,000 2,000 20,000 (c) $ (d) (e) 140,000 6,000 Beginning inventory Sales Purchases Purchases returns and allowances Ending inventory Gross profit Cost of goods sold Selling expenses Transportation-in General and administrative expenses (0 100,000 120,000 36,000 5,000 (g) 43,000 Net income Required: Next Level Provide the missing amounts for the blanks labeled (a) through (g). All the necessary information is listed (Hinr It is not nccessary to calculate your answers in alphabetical order.)

Name: E5-3LO 5.4Income Statement Calculation O'Connor Company's intome stat
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Description: E5-3LO 5.4Income Statement Calculation O'Connor Company's intome statement information for 2019 and 2020 (a soleproprictorship) is as follows:20192020$ d)(e)140,0006,000Beginning inventorySalesPurchasesPurchases returns and allowancesEnding inventor

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

E5-3
LO 5.4
Income Statement Calculation O'Connor Company's intome statement information for 2019 and 2020 (a sole
proprictorship) is as follows:
2019
2020
$ d)
(e)
140,000
6,000
Beginning inventory
Sales
Purchases
Purchases returns and allowances
Ending inventory
Gross profit
Cost of goods sold
Selling expenses
Transportation-in
General and administrative expenses
Net income
206,000
130,000
7.000
62,000
(b)
114.000
35.000
2.000
20,000
(e)
100,000
120,000
36,000
5.000
(g)
.
43,000
Required:
Next Level Provide the missing amounts for the blanks labeled (a) through (g. All the necessary information is
listed, (Hinr: It is not necessarv to calculate your answers in alphabetical order.)

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