Following are condensed income statements for Uncle Bill's Home Improvement Center for the years ended December...

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Following are condensed income statements for Uncle Bills Home Improvement Center for the years ended December 31, 2020 and

Answer is complete but not entirely correct. Sales Cost of goods sold Gross profit Operating expenses Net income ignoring inc

business accounting

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Answer 1

Answer #1

a)

	2020	2019
Sales	$ 595320	$ 575960
Cost of Goods Sold	($ 419210)	($ 422290)
Gross Profit	$ 176110	$ 153670
Operating Expenses	($ 114070)	($ 104170)
Net Income	$ 62040	$ 49500

b.1)

Combined Net Income	Total	2020	2019
Before Correction of Error	$ 111540	$ 36190	$ 75350
After Correction of Error	$ 111540	$ 62040	$ 49500

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Answer 2

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