Question

QUESTION 103 For each of the following, determine the missing amounts. Sales Cost of Operating Revenue Goods Sold Gross Profit Expenses 1. $100,000 $30,000 $135,000 $125,000 Net Income $12,000 $80,000 T T TT Paragraph. Arial %DO Q E $x Mashups - Tu © @£2 3 (12pt) T' T25 - E. - -- Path:p QUESTION 104 Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Answer 1

103)

	Sales Revenue	Cost of Goods Sold	Gross Profit	Operating Expenses	Net Income
1)	$100,000	$58,000	$42,000	$30,000	$12,000
2)	$260,000	$135,000	$125,000	$45,000	$80,000

Working notes:
1)
Net Income	$12,000
Add: Operating Expenses	$30,000
Gross Profit	$42,000
Sales Revenue	$100,000
Less: Gross Profit	($42,000)
Cost of Goods Sold	$58,000
2)
Cost of Goods Sold	$135,000
Add: Gross Profit	$125,000
Sales Revenue	$260,000
Gross Profit	$125,000
Less: Net Income	($80,000)
Operating Expenses	$45,000