Question
A partial income statement for a company's most recent fiscal year follows: Sales $800,000 Inventory, January 1 $420,000 Add purchases (a) ___ Goods available for
A partial income statement for a company's most recent fiscal year follows:
Sales | $800,000 |
Inventory, January 1 | $420,000 |
Add purchases | (a) ___ |
Goods available for sale | (b) |
Inventory, December 31 | 470,000 |
Cost of goods sold | (c) |
Gross margin | 250,000 |
Deduct expenses: |
|
Selling | (d) |
Administrative | (e) |
Income before taxes | (f) |
Income taxes | (g) |
Net income | (h) |
Earnings per share (5,000 shares outstanding) | $4.20 |
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.
- ____________
- ____________
- ____________
- ____________
- ____________
- ____________
- ____________
- ____________
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