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Consider the following partially completed income statements for merchandising companies and compute the missing amounts: LOADING... (Clickthe icon to view the Income Statements.) Flynt Corp.
Consider the following partially completed income statements for merchandising companies and compute the missing amounts:
LOADING...
(Clickthe icon to view the Income Statements.)
|
| Flynt Corp. |
Sales | $100,000 | |
Cost of Goods Sold: |
| |
| Beginning Merchandise Inventory |
|
| Purchases and Freight In | 47,000 |
| Cost of Goods Available for Sale |
|
Ending Merchandise Inventory | (2,100) | |
Cost of Goods Sold | 63,000 | |
Gross Profit | 37,000 | |
Selling and Administrative Expenses |
| |
Operating Income | $10,000 |
How do I determine the answers to the missing information?
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