Table 5-2Sales revenue$382,000Sales discounts15,000Sales Returns and Allowances????????Net sales revenue$360,000Cost of goods sold????????Gross margin 255,000Operating expenses132,000Operating income????????Interest expense30,000Interest revenue60,000Net Income or Net Loss??????? Referring to Table 5-2 above , the balance in Sales Returns and Allowances must be:A) $7,000.B) $29,000.C) $22,000.D) $8,000. Referring to Table 5-2 above, cost of goods sold is:A) $105,000.B) $78,000.C) $100,000.D) $27,000. Referring to Table 5-2 above , what is the operating income or operating loss?A) operating income of $123,000B) operating loss of $177,000C) operating loss of $27,000D) operating income of $27,000 Referring to Table 5-2 above, what is the net income or net loss?A) net loss of $3,000B) net income of $30,000C) net loss of $30,000D) net income of $153,000

Name: Table 5-2Sales revenue$382,000Sales discounts15,000Sales Returns and A
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Description: Table 5-2Sales revenue$382,000Sales discounts15,000Sales Returns and Allowances????????Net sales revenue$360,000Cost of goods sold????????Gross margin 255,000Operating expenses132,000Operating income????????Interest expense30,000Interest revenue60,00

We need to prepare an income statement and will get all the answers.

Answered: Table 5-2 Sales revenue $382,000…

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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Table 5-2

Sales revenue	$382,000
Sales discounts	15,000
Sales Returns and Allowances	????????
Net sales revenue	$360,000
Cost of goods sold	????????
Gross margin	255,000
Operating expenses	132,000
Operating income	????????
Interest expense	30,000
Interest revenue	60,000
Net Income or Net Loss	???????

Referring to Table 5-2 above , the balance in Sales Returns and Allowances must be:

A) $7,000.
B) $29,000.
C) $22,000.
D) $8,000.

Referring to Table 5-2 above, cost of goods sold is:

A) $105,000.
B) $78,000.
C) $100,000.
D) $27,000.

Referring to Table 5-2 above , what is the operating income or operating loss?

A) operating income of $123,000
B) operating loss of $177,000
C) operating loss of $27,000
D) operating income of $27,000

Referring to Table 5-2 above, what is the net income or net loss?

A) net loss of $3,000
B) net income of $30,000
C) net loss of $30,000
D) net income of $153,000

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