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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Income Statement Calculation O’Connor Company’s income statement information for 2019 and 2020 (a sole proprietorship) is as follows:
Required:
Next Level Provide the missing amounts for the blanks labeled (a) through (g). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.)
Compute the missing amounts from a. to g.
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Compute the missing amounts from a. to g:
| Company O | ||
| Income statement | ||
| For the year ended December 31, 2019 and 2020 | ||
| Â | 2019 | 2020 |
| Sales revenue | $206,000 | Â (e)Â 220,000 |
| Less: Cost of goods sold | Â | Â |
| Â Â Â Â Beginning inventory |
| (d)Â Â $62,000 |
| Â Â Â Â Plus: Â Â Â Â Purchases | $130,000 | $140,000 |
| Â Â Â Â Â Â Â Â Transportation-in | $2,000 | >&#... |
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