Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the...

Question

Question

Determining Amounts for Items Omitted from Income Statement One item is omitted in each of the following four lists of income

Answer 1

Answer #1

the following formulas are needed to be known to solve the problem:

sales - cost of merchandise sold = gross profit

cost of merchandise + gross profit = sales

sales - gross profit = cost of merchandise

cost of merchandise +gross profit= sales.

working;

a .438,750-83,830=>354,920.

b.330,750+83,720 =>414,470.

c.1245000-465950=>779,050.

d.438375+123635=>562,010.

Answer 2

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