Directions: Determine values for the missing items. Show all amounts as positive numbers even though expenses are subtracted on the income statement. Income Statement for Year Ending December 31, 2015 Sales revenue ? Cost of sales 123,000 Gross profit 162,000 Expenses: Wages 15,000 Advertising ? Depreciation 28,000 Amortization 4,000 Total expenses 65,000 Operating profit 97,000 Interest Expense ? Income (loss) before taxes 88,000 Tax expense ? Net income 53,000
Directions: Determine values for the missing items. Show all amounts as positive numbers even though expenses are subtracted on the income statement. Income Statement for Year Ending December 31, 2015 Sales revenue ? Cost of sales 123,000 Gross profit 162,000 Expenses: Wages 15,000 Advertising ? Depreciation 28,000 Amortization 4,000 Total expenses 65,000 Operating profit 97,000 Interest Expense ? Income (loss) before taxes 88,000 Tax expense ? Net income 53,000
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 24E: The following data (in millions) were taken from the financial statements of Costco Wholesale...
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Directions: Determine values for the missing items. Show all amounts as positive numbers even though expenses are subtracted on the income statement. | |
Income Statement for Year Ending | December 31, 2015 |
Sales revenue | ? |
Cost of sales | 123,000 |
Gross profit | 162,000 |
Expenses: | |
Wages | 15,000 |
Advertising | ? |
28,000 | |
Amortization | 4,000 |
Total expenses | 65,000 |
Operating profit | 97,000 |
Interest Expense | ? |
Income (loss) before taxes | 88,000 |
Tax expense | ? |
Net income | 53,000 |
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