Thursday, October 30, 2014

Missing Amounts

Presented below is financial information for two different companies.


Sabbona Company
Jenkins Company
Sales
$90,000
( d )
Sales Return
( a )
$ 5,000
Net Sales
85,000
90,000
Cost of Good Sold
56,000
( e )
Gross Profit
( b )
38,000
Operating Expenses
15,000
23,000
Net Income
( c )
15,000


    Instructions :
    Compute the missing amounts.

    Answer :
a.       Sales Return = Sales – Net Sales
                      $90,000 – 85,000 = $5,000

b.      Gross Profit = Net Sales – Cost of Good Sold
        = $85,000 – 56,000 = $29,000

c.       Net Income = Gross Profit – Operating Expenses
       = $29,000 – 15,000 = $14,000

d.      Sales           = Sales Return + Net Sales
       = $5,000 + 90,000 = $95,000

e.       Cost of Good Sold = Net Sales – Gross Profit
      = $90,000 – 38,000 = $52,000


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