O'Conhor Company's income statement information for 2016 and 2017 (a sole proprietorship) is as follows: 2016 2017 Beginning inventory $ (a) $ (d) Sales 206,000 (e) Purchases 130,000 140,000 Purchases returns and 7,000 6,000 allowances Ending inventory 62,000 (f) Gross profit (b) 100,000 Cost of goods sold 114,000 120,000 Selling expenses 35,000 36,000 Transportation-in 2,000 5,000 Generál and administrative 20,000 (g) expenses Net income (c) 43,000 Required: Computn th incinn Check My Work

O'Conhor Company's income statement information for 2016 and 2017 (a sole proprietorship) is as follows: 2016 2017 Beginning inventory $ (a) $ (d) Sales 206,000 (e) Purchases 130,000 140,000 Purchases returns and 7,000 6,000 allowances Ending inventory 62,000 (f) Gross profit (b) 100,000 Cost of goods sold 114,000 120,000 Selling expenses 35,000 36,000 Transportation-in 2,000 5,000 Generál and administrative 20,000 (g) expenses Net income (c) 43,000 Required: Computn th incinn Check My Work

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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