Presented here are the components in Pharoah Company’s income statement. Determine the missing amounts.
Presented here are the components in Pharoah Company’s income statement. Determine the missing amounts.
Homework Answers
Year 1
Cost of goods sold = Sales revenue - Gross Profit
= $74,640 - $31,300
= $43,340 (b)
Operating expenses = Gross profit - Net income
= $31,300 - $13,940
= $17,360 (d)
Year 2
Gross Profit = Sales revenue - cost of goods sold
= $109,800 - $73,200
= $36,600 (c)
Operating expenses = Gross profit - Net income
= $36,600 - $30,340
= $6,260 (e)
Year 3
Sales Revenue = cost of goods sold + gross profit
= $74,560 + $110,510
= $185,070 (a)
Net income = Gross profit - Operating expenses
= $110,510 - $48,080
= $62,430 (f)
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