Missing Income Statement Amounts For each of the following cases, fill in the blank with the appropriate dollar amount. Sara's Coffee Shop Amy's Deli Jane's Bagels Net sales $33,400 ? $73,500 Cost of goods sold fill in the blank 2 23,700 ? Gross profit 6,700 36,400 ? Selling expenses 2,900 ? 8,400 General and administrative expenses 1,400 5,800 ? Total operating expenses ? 17,800 15,000 Net income $2,400 $18,600 $21,700
Missing Income Statement Amounts For each of the following cases, fill in the blank with the appropriate dollar amount. Sara's Coffee Shop Amy's Deli Jane's Bagels Net sales $33,400 ? $73,500 Cost of goods sold fill in the blank 2 23,700 ? Gross profit 6,700 36,400 ? Selling expenses 2,900 ? 8,400 General and administrative expenses 1,400 5,800 ? Total operating expenses ? 17,800 15,000 Net income $2,400 $18,600 $21,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Missing Income Statement Amounts
For each of the following cases, fill in the blank with the appropriate dollar amount.
| Sara's Coffee Shop | Amy's Deli | Jane's Bagels | |||||||
| Net sales | $33,400 | ? | $73,500 | ||||||
| Cost of goods sold | fill in the blank 2 | 23,700 | ? | ||||||
| Gross profit | 6,700 | 36,400 | ? | ||||||
| Selling expenses | 2,900 | ? | 8,400 | ||||||
| General and administrative expenses | 1,400 | 5,800 | ? | ||||||
| Total operating expenses | ? | 17,800 | 15,000 | ||||||
| Net income | $2,400 | $18,600 | $21,700 |
Expert Solution
Step 1
Gross profits is the difference between the sales and cost of goods sold .
When we deduct total operating expense from gross profit , we get net income
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