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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