Financial information is presented below for three different companies. Instruct

Question

Financial information is presented below for three different companies.

Instructions

(a) Determine the missing amounts. (Enter all amounts as positive amounts and subtract where necessary.)

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Natural Cosmetics Mattar Grocery Allied Wholesalers Sales $91,263 (e) $ $158,586 Sales returns and allowances (a) 5,544 12,406 Net sales 81,133 100,788 (i) Cost of goods sold 55,294 (f) (j) Gross profit (b) 39,816 26,040 Operating expenses 18,549 (g) 18,283 Income from operations (c) (h) (k) Other expenses and losses 3,541 7,760 (l) Net income (d) 12,014 4,598

Explanation / Answer

a) sales-netsales = 91263-81133 =10130

b) net sales - cost of goods sold = 81133-55294 =25839

c)3749 + 3541 =7290

d) gross profit - operating expenses - other expenses and losses

= 25839 - 18549-3541=3749

e) 5544 + 100788 =106332

f) 100788-39816 =60372

g)39816-12014-7760 =20042

h) 12014+7760 =19774

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