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Gorlla Glass CERT FIED FOR https://edugen.wiley ugen/student/mainfr.uni PLUS Weygandt, Financial Accounting, 10e Gradebook ORION Downloadable eTextbook Study & Practice pen Assignment Brief Exercise 5-2 hagter 5 Your answer is partially correct. Try again. Presented below are the components in Monty Corp.'s incoene statement. Determine the missing amounts. Gross Profit operating Expenses Net Income Sales Revenue Cost of Goods Sold 10 $38,500 3400 $17,500 $79,000 26 s74,000 -371, - 14 $24,300 $111,100 $75,900 86,900 46,800 101 Click if you would like to Show Work for this question: Sh Wo Im Cortana. Ask me anything.Explanation / Answer
Case A:
Gross Profit = Sales Revenue - Cost of Goods Sold
$38,500 = $79,000 - Cost of Goods Sold
Cost of Goods Sold = $40,500
Net Income = Gross Profit - Operating Expense
$17,500 = $38,500 - Operating Expense
Operating Expense = $21,000
Case B:
Gross Profit = Sales Revenue - Cost of Goods Sold
Gross Profit = $111,100 - $74,000
Gross Profit = $37,100
Net Income = Gross Profit - Operating Expense
$24,300 = $37,100 - Operating Expense
Operating Expense = $12,800
Case C:
Gross Profit = Sales Revenue - Cost of Goods Sold
$86,900 = Sales Revenue - $75,900
Sales Revenue = $162,800
Net Income = Gross Profit - Operating Expense
Net Income = $86,900 - $46,800
Net Income = $40,100
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