✔ Missing Amounts
Presented below is financial information for two different companies.
Sabbona Company | Jenkins Company | |
Sales | $90,000 | ( d ) |
Sales Return | ( a ) | $ 5,000 |
Net Sales | 85,000 | 90,000 |
Cost of Good Sold | 56,000 | ( e ) |
Gross Profit | ( b ) | 38,000 |
Operating Expenses | 15,000 | 23,000 |
Net Income | ( c ) | 15,000 |
Instructions :
Compute the missing amounts.
Answer :
a. Sales Return = Sales – Net Sales
$90,000 – 85,000 = $5,000
b. Gross Profit = Net Sales – Cost of Good Sold
= $85,000 – 56,000 = $29,000
c. Net Income = Gross Profit – Operating Expenses
= $29,000 – 15,000 = $14,000
d. Sales = Sales Return + Net Sales
= $5,000 + 90,000 = $95,000
e. Cost of Good Sold = Net Sales – Gross Profit
= $90,000 – 38,000 = $52,000
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