Exercise 5-11 Calculating income statement components LO1, 5 Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Sales Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit (loss) Gross profit ratio $ 2023 Company A 256,000 2.560 153.600 51.000 17.920 25.600 % $ 2022 180,000 16,000 163,000 19.000 46.000 14.400 % 2023 Company B 1,100 5.500 57,000 48.400 25.000 29.700 % $ 2022 45.000 500 42.000 20.000 9.000 2.000

Exercise 5-11 Calculating income statement components LO1, 5 Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Sales Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit (loss) Gross profit ratio $ 2023 Company A 256,000 2.560 153.600 51.000 17.920 25.600 % $ 2022 180,000 16,000 163,000 19.000 46.000 14.400 % 2023 Company B 1,100 5.500 57,000 48.400 25.000 29.700 % $ 2022 45.000 500 42.000 20.000 9.000 2.000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.4MBA

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