Please help me answer:4. Gross Profit5. Selling and Administrative Expenses6. Net Income Income Statement Accounts December 31, 20X1DrCrP 475,000SalesSales Returns and AllowancesPurchasesP 5,000220,000Purchase Returns and Allowance3,000AdvertisingSales SalariesCommission ExpenseMiscellaneous Selling ExpenseRent ExpenseOffice SuppliesLight and WaterInsurance ExpenseTaxes and Licenses10,00030,00015,0003,00015,00020,0002,0001,0005,0004,00020,00057,00010,000Interest ExpenseBad Debts ExpenseMerchandise Inventory, Jan 1, 20X1Depreciation Expense - Furn. & Equip.Merchandise Inventory, Dec. 31, 20X1Fill in the blanks.60,0001. Net Sales2. Net Purchases3. Cost of Goods Sold4. Gross Profit5. Selling and Administrative Expenses6. Net Income7. Reporting Period

Since, you have specifically asked for 4, 5 & 6 part so we have answered the same for you.

Income Statement Accounts December 31, 20X1 Dr Cr Sales P 475,000 Sales Returns and Allowances Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses P 5,000 220,000 3,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 10,000 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Selling and Administrative Expense= 6. Net Income 7. Reporting Period

Income Statement Accounts December 31, 20X1 Dr Cr Sales P 475,000 Sales Returns and Allowances Purchases Purchase Returns and Allowance Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses P 5,000 220,000 3,000 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 10,000 60,000 1. Net Sales 2. Net Purchases 3. Cost of Goods Sold 4. Gross Profit 5. Selling and Administrative Expense= 6. Net Income 7. Reporting Period

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 15.17EX: Profitability ratios The following selected data were taken from the financial statements of...

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