8. D mine the missing data for each letter in the three income statements below

Question

8. D mine the missing data for each letter in the three income statements below for Lopata Office Supplies Company Un thousands) 19x5 s p 38 10 19x4 19x3 Gross Sales Sales Returns and Allowances h6L $572 28 24 Sales Discounts Net Sales B 532 76 q 650 634 erchandise Inventory, Jan. 1 ???33???73 46 16 s 56 58 384 Purchases Purchases Returns and Allowances Purchases Discounts Freight In 26 10 k D 288 424 378 -Net Purchases 364 ods Available for Salet Merchandise Inventory, Dec. 31* Cost of Goods Soldx Gross Margin from Sales Selling Expenses General and Administrative Expenses Total Operating Expenses Net Income 84 m3tG 252 nloo66 78 1366 358 E2312 284 u fg2 156 F I32 78 260 256 2 040254

Explanation / Answer

Solution:

19x5 19x4 19x3 Gross Sales $698.00 $672.00 $572.00 Less: Sales Returns and allowances $38.00 $24.00 $28.00 Less: Sales discounts $10.00 $14.00 $12.00 Net Sales $650.00 $634.00 $532.00 Merchandise Inventory Jan 1 (Ending Inventory of last year will be current year's beginning inventory) $66.00 $84.00 $76.00 Purchases $384.00 $338.00 $278.00 Less: Purchase returns and Allowances $46.00 $46.00 $26.00 Less: Purchase Discounts $16.00 $10.00 $8.00 Add: Freight-in $56.00 $58.00 $44.00 Net Purchases $378.00 $340.00 $288.00 Goods Available for sale $444.00 $424.00 $364.00 Less: Merchandise Inventory Dec 31 $78.00 $66.00 $84.00 Cost Of Goods Sold $366.00 $358.00 $280.00 Gross margin from sales $284.00 $276.00 $252.00 Selling Expenses $182.00 $156.00 $132.00 General and administrative Expenses $78.00 $100.00 $66.00 Less: Total Operating expense $260.00 $256.00 $198.00 Net income $24.00 $20.00 $54.00

Related Questions

Navigate

• Browse (All)
• Browse 8
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.