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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data table
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data table Boswell, Inc. $ 101,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory 13,400 Purchases and Freight In 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Boswell, Inc. Flynt Corp. $ 101,000 $(d) Cost of Goods Available for Sale 61,400 Inventory (a) 32,000 Ending Merchandise Inventory (2,400) Purchases and Freight In 48,000 (e) Cost of Goods Sold 59,000 Cost of Goods Available for Sale (b) 87,000 Gross Profit 42,000 Ending Merchandise Inventory (2,400) (2,400) Selling and Administrative Expenses 56,000 Cost of Goods Sold 59,000 (f) 14,000 Operating Income Gross Profit 42,000 115,000 Selling and Administrative Expenses (c) 83,000 $ 14,000 Operating Income $ (g) Print Done
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