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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: A - G Rustic Gear Snyder Corp Net Sales Revenue
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: A - G
Rustic Gear | Snyder Corp | |
Net Sales Revenue | $101,000 | D |
Cost of goods sold | ||
Beginning Merchandise Inventory | A | 30,000 |
Purchases and Freight in | 51,000 | E |
Cost of Goods Available for Sale | B | 88,000 |
Ending Merchandise Inventory | -2,400 | -2,400 |
Cost of goods sold | 6,000 | F |
Gross profit | 41,000 | 111,000 |
Less: Selling and Administrative expenses | C | 83,000 |
Operating Income | 15,000 | G |
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