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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
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 Rustic Gear Net Sales Revenue 100,000 Cost of Goods Sold: Net Sales Revenue $ Rustic Gear Boswell, Inc. 100,000 $(d) Beginning Merchandise Inventory Cost of Goods Sold: Beginning Merchandise Purchases and Freight In 48,000 Inventory (a) 32,000 Cost of Goods Available for Sale 48,000 (e) Purchases and Freight In Ending Merchandise Inventory (2,000) Cost of Goods Available for Sale (b) 90,000 Cost of Goods Sold 59,000 (2,000) (2,000) Ending Merchandise Inventory Gross Profit 41,000 Cost of Goods Sold 59,000 Selling and Administrative Expenses Gross Profit 41,000 113,000 10,000 Operating Income Selling and Administrative Expenses (c) 84,000 $ 10,000 $(g) Operating Income
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