Financial information is presented below for three different companies. Determin

Question

Financial information is presented below for three different companies.

Determine the missing amounts.

Hardy Cosmetics

Yee Grocery

Wang Wholesalers

(e)

(a)

(i)

(f)

(j)

(b)

(g)

(c)

(h)

(k)

(l)

(d)

Hardy Cosmetics

Yee Grocery

Wang Wholesalers

Sales revenue $90,500 $

(e)

$134,700 Sales returns and allowances

(a)

5,610 12,100 Net sales 87,300 95,400

(i)

Cost of goods sold 56,100

(f)

(j)

Gross profit

(b)

39,000 25,400 Operating expenses 19,900

(g)

18,700 Income from operations

(c)

(h)

(k)

Other expenses and losses 4,100 7,700

(l)

Net income

(d)

12,000 5,100

Explanation / Answer

(a) sales return and allowance = 90500 - 87300 = 3200

(b) Gross profit = Net sales - cost of goods sold

= 87300 - 56100

= 31200

(c) Income from operations = Gross profit - operating expenses

= 31200 - 19900

= 11300

(d) Net income = 11300 - 4100 = 7200

(e) Sales revenue = 5610 + 95400

= 101010

(f) Cost of goods sold = Net sales - Gross profit = 95400 - 39000

= 56400

(h) Income from operations = 12000 + 7700 = 19700

(g) Operating expenses = 39000 - 19700

= 19300

(i) Net sales = 134700 - 12100

= 122600

(j) Cost of goods sold = 122600 - 25400

= 97200

(k) Income from operations = 25400 - 18700

= 6700

(i) Other expenses and losses = 6700 - 5100 = 1600

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

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