A partial income statement for a company's most recent fiscal year follows: Sales $400,000 Inventory, January 1
Question:
A partial income statement for a company's most recent fiscal year follows:
Sales
$400,000
Inventory, January 1
$210,000
Add purchases
(a) ____
Goods available for sale
(b) ____
Inventory, December 31
235,000
Cost of goods sold
(c) ____
Gross margin
125,000
Deduct expenses:
Selling
(d) ____
Administrative
(e) ____
Income before taxes
(f) ____
Income taxes
(g) ____
Net income
(h) ____
Earnings per share (5,000 shares outstanding)
$2.10
Additional data:
Selling expenses are 20 percent of sales, administrative expenses are 10 percent of cost of goods sold; the income tax rate is 40 percent.
Required:
Supply dollar amounts for blanks a through h. Computations may not be in the order presented. You do not need to show your work for the calculations. Part marks will not be awarded.
a)____________
b)____________
c)____________
d)____________
e)____________
f)____________
g)____________
h)____________