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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

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.

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

  1. ____________

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