Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and...
Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign.
| Company X | Company Y | Company Z | |
| Net income/(net loss) | $220 | $ | $(40) |
| Sales | 1,260 | 895 | |
| Gross profit | 400 | 480 | |
| Operating expenses | 540 | ||
| Cost of goods sold | 310 | 750 |
Homework Answers
For Company X
Gross profit = Sales - Cost of goods sold
400 = Sales - 310
Sales = 710
Net income = Gross profit- Operating expenses
220 = 400-Operating expenses
Operating expenses = 400-220
= $180
For Company Y
Gross profit = Sales - Cost of goods sold
= 1,260-750
= $510
Net income/Loss = Gross profit- Operating expenses
= 510-540
= ($30)
Company C
Gross profit = Sales - Cost of goods sold
480 = 895-Cost of goods sold
Cost of goods sold = 895-480
= $415
Net income/Loss = Gross profit- Operating expenses
-40 = 480- Operating expenses
Operating expenses = 480+40
= $520
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