The image is a table divided into two main sections: "Operating Expenses" and "Net Income."### Operating Expenses- The table has three rows with blank spaces for input.- The third row shows a total amount of $48,200.### Net Income- The table lists two pre-filled amounts: $13,000 and $23,300.- There is also a blank space for an additional amount.This layout suggests a comparison between the operational costs incurred and the resulting net income, allowing for financial analysis. Presented below are the components in Oriole Company’s income statement. Determine the missing amounts.| | Sales Revenue | Cost of Goods Sold | Gross Profit | Operating Expenses ||----------------|---------------|--------------------|--------------|---------------------|| (a) | $80,600 | [Blank] | $31,900 | [Blank] || (b) | $113,400 | $70,300 | [Blank] | [Blank] || (c) | [Blank] | $77,000 | $87,000 | $48,200 |Instructions:- For row (a), calculate the missing Cost of Goods Sold and Operating Expenses.- For row (b), calculate the missing Gross Profit and Operating Expenses.- For row (c), calculate the missing Sales Revenue.

The gross profit is calculated as difference between sales and cost of goods sold. The net income is…

Answered: Presented below are the components in…

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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es A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold. Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income This Year $ 7,390,000 4,630,000 2,760,000 Members of the company's board of directors are surprised to see that net income increased by only $232,600 when sales increased by $1,773,600. Interest expense Net income before taxes Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year % % 0.0% Last Year $ 5,616,400 3,512,000 2,104,400 % % 0.0 % 0.0 % % 0.0%…
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Presented below are the components in Oriole Company's income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expens (a) $80,600 $ $31,900 (b) $113,400 $70,300 (c) $77,000 $87,000 $4 %24 %24 %24 %24