A portion of the income statement for Oscar Company is shown below. Provide the

Question

A portion of the income statement for Oscar Company is shown below. Provide the missing account titles and amounts.


    

                                                                         Debit                    Credit                                      

A. _____________?________________             $350,000             

B. Sales returns & allowances                       _____?_____

C. ______________?_________________                                      $348,000

D+E. _____________?_________________                                 ___?_______                         

                Gross Margin                                                              $90,000

Explanation / Answer

A Gross Sales B 2,000 (350,000-2,000=348,000) C Net Sales D Cost of goods sold E 258,000 (348,000-258,000=90,000)

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