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Multiple Step Income Statement Calculations Company A Company B Company C Company D $480 $2,000 200 $1,310 600| Sales Revenue (4) 76 Beginning Inventory Purchases 423 480 249 (1) 20 (8) 195 Purchases Returns 19 (6) (7) 155 300 110 Ending Inventory Cost of Goods Sold (9) (10) 129 546 370 1,200 (2) 108 (5) Gross Profit 34 22 Operating Expenses Net Income 107 121 (3)

Multiple Step Income Statement Calculations Company A Company B Company C Company D $480 $2,000 200 $1,310 600| Sales Revenue (4) 76 Beginning Inventory Purchases 423 480 249 (1) 20 (8) 195 Purchases Returns 19 (6) (7) 155 300 110 Ending Inventory Cost of Goods Sold (9) (10) 129 546 370 1,200 (2) 108 (5) Gross Profit 34 22 Operating Expenses Net Income 107 121 (3)

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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Multiple Step Income Statement Calculations Company A Company B Company C Company D Sales Revenue $2,000 200 (4) 76 $480 Beginning Inventory Purchases $1,310 600| (1) 423 480 249 Purchases Returns 20 19 (8) 195 Ending Inventory Cost of Goods Sold (6) (7) 155 300 110 1,200 370 2) 108 (9) (10) 129 546 (5) 22 Gross Profit Operating Expenses Net Income 34 121 107 3) O Focus ish (United States)
Transcribed Image Text:Multiple Step Income Statement Calculations Company A Company B Company C Company D Sales Revenue $2,000 200 (4) 76 $480 Beginning Inventory Purchases $1,310 600| (1) 423 480 249 Purchases Returns 20 19 (8) 195 Ending Inventory Cost of Goods Sold (6) (7) 155 300 110 1,200 370 2) 108 (9) (10) 129 546 (5) 22 Gross Profit Operating Expenses Net Income 34 121 107 3) O Focus ish (United States)
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