DEPARTMENT: FINANCE ACCT 140 Problem 1 INSTRUCTOR: TAHAR TAYACHI, PHD COURSE: Presented below are the components in Waegelain Company's income statement. Determine the missing amounts Sales Cost of goods sold Gross profit Operating expenses Net profit 175,000 21 2 108,000 70,000 37 71,900 30,000 2 79,600 2 39,500 10,800 29,500 Problem 2 Sales Sales Discount Net Sales Cost of goods sold Gross Profit 93,300 1,510 91,790 60,300 9 97,400? 92,470 7 32,270 65,800 1,810 1 ? 46,000 7 2,540 2 71,800 39,760 Problem 3 In its income statement for the year ended December 31,2017, Pele company reported the following condensed data. Administrative exp. 435,000 Selling expenses 490,000 Cost of goods sold 1,289,000 Sales return Interest expenses 70,000 Prepare income statement Problem 4 Sales 90,000 2,312,000 Below is a series of cost of goods sold sections for companies B. F. Land R Find the missing amounts? BFLR Beginning inventory Purchases 150 70 100 2 1,600 1,0802 43,590 Purchases returns and allowances 40 2 290 2 Net purchases Freight-in Cost of goods Purchases ? 1,030 6,210 41,090 110 ? ? 2240 7 1,2807,940? 49,530 Cost of goods available for sale 1,820 1,3507 Ending inventory Cost of goods sold 310 7 1,4506,230 7 1.2307,490 43,300 Problem 5 Aerosmith Company's accounting records show the following at year-end: Purchase discounts $ 3,400, Freight-in S 6,100; Sales $ 240,000, Purchases $ 162,500; Beginning inventory $ 18,000; Ending inventory $ 20,000; Sales discounts $ 10,000; Purchase returns 5 5,200 and operating expenses $57,000. Compute the following amounts of Aerosmith Company: Net sales Cost of goods purchased Cost of goods sold Gross profit and Net income Problem 6: Davidson Electronics has the following data available