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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Determining amounts for items omitted from income statement

One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them In letter.

Sales $463,400 (b) $1,295,000 (d)
Cost of merchandise sold (a) $410,000 (c) $900,003
Gross profit 83,500 277,500 275,000 600,00

(a)

To determine

The income statement: This is a financial statement that shows the net income earned or net loss suffered by a company through reporting all the revenues earned and expenses incurred by the company over a specific period of time. An income statement is also known as an operations statement, an earnings statement, a revenue statement, or a profit and loss statement. The net income is the excess of revenue over expenses.

To Calculate: The missing amount of cost of merchandise sold.

Explanation

Calculate the amount of cost of merchandise sold.

Sales = $463,400

Gross profit = $83,500

Cost of merchandise sold=SalesGross�

(b)

To determine

To Calculate: The missing amount of sales.

(c)

To determine

To Calculate: The missing amount of cost of merchandise sold.

(d)

To determine

To Calculate: The missing amount of sales.

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