Presented below is financial information that would be presented on a multi-step income statement for two...
- Presented below is financial information that would be presented on a multi-step income statement for two different companies.
(a) Determine the missing amounts above.
Winter Company Merit Company
Sales revenue $190,000 $ (e)_______________
Sales discounts 2,000 2,500
Sales returns (a)_____________ 5,000
Net sales 183,000 210,000
Cost of goods sold 103,000 (f)________________
Gross profit (b)_____________ 80,000
Operating expenses 45,000 (g)_______________
Income from operations (c)______________ 55,000
Other revenues (expenses) 4,000 (h)_______________
Net income (d)______________ 49,000
Homework Answers
| Winter Company | Merit Company | ||
| Sales revenue | $ 1,90,000 | $ 2,17,500 | |
| Less: | Sales discount | $ 2,000 | $ 2,500 |
| Less: | Sales returns | $ 5,000 | $ 5,000 |
| Net sales | $ 1,83,000 | $ 2,10,000 | |
| Less: | Cost of Goods Sold | $ 1,03,000 | $ 1,30,000 |
| Gross Profit | $ 80,000 | $ 80,000 | |
| Less: | Operating expenses | $ 45,000 | $ 25,000 |
| Income from operations | $ 35,000 | $ 55,000 | |
| Add: / Less: | Other revenue (expenses) | $ 4,000 | $ -6,000 |
| Net Income | $ 39,000 | $ 49,000 |
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