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Can you explain how you get that amounts. Thank you! Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products.
Can you explain how you get that amounts. Thank you!
Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. (a) Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales $105,000 $ (e) $ revenue Cost of goods sold (a) 26,240 Gross profit 76,650 55,760 Operating 69.300 (f) Jualement Data Sales revenue $105,000 $ (e) $2 Cost of goods sold (a) 26,240 Gross profit 76,650 55,760 Operating expenses 69,300 (f) Net income $ (b) $ 3,280 $ Balance Sheet Data Inventory $14,000 $ (c) $16,200 $ 6,300 7,000 5,100 Accounts payable Additional Information Purchases of inventory on account Cash payments to suppliers 28,390 $ (g) $2 (d) (h) 2020 2021 2022 2023 $105,000 $ (e) $77,000 (a) 26,240 26,180 76,650 55,760 (0) 69,300 (f) 49,280 $ (b) $ 3,280 $ 6) $14,000 $ (c) $16,200 $ (k) 6,300 7,000 5,100 (0) 28,390 $ g) $26,550 $105,000 $ (e) $77,000 (a) 26,240 26,180 76,650 55,760 (i) 69,300 (f) 49,280 $ (b) $ 3,280 $ (1) $14,000 $ (c) $16,200 $ (k) 6,300 7,000 5,100 (1) 28,390 $ g) $26,550 (d) (h) 27,050Step by Step Solution
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