Homework Answers
Answer :
| A | B | C | |
| Sales | 77,500 | 21,500 | 92,500 |
| Cost of Goods Sold | 41,000 | 9,000 | 31,000 |
| Gross Profit | 36,500 | 12,500 | 61,500 |
| Expenses | 22,500 | 6,500 | 39,500 |
| Net income | 14,000 | 6,000 | 22,000 |
Notes:
Gross Profit = Sales - Cost of Goods Sold
Net Income = Gross Profit - Expenses
A.
Gross Profit = Sales - Cost of Goods Sold
36,500 = Sales - 41,000
Sales = 41,000+36,500
= $ 77,500
Net Income = Gross Profit - Expenses
14,000 = 36,500-Expenses
Expenses = 36,500-14,000
= 22,500
B. Gross Profit = Sales - Cost of Goods Sold
12,500 = 21,500-Cost of Goods Sold
Cost of Goods Sold = 21,500-12,500
= 9,000
Net Income = Gross Profit - Expenses
=12,500-6,500
=6,000
C. Gross Profit = Sales - Cost of Goods Sold
= 92,500-31,000
= 61,500
Net Income = Gross Profit - Expenses
22,000 =61,500- Expenses
Expenses = 61,500-22,000
= 39,500
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