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Exercise 5-11 Calculating income statement components L01,5 Referring to Exhibit 5.15 (Single Step Income Statement -Perpetual) calculate the missing amounts (round to two decimal places).
Exercise 5-11 | ||||||
Calculating income statement components L01,5 | ||||||
Referring to Exhibit 5.15 (Single Step Income Statement -Perpetual) calculate the missing amounts (round to two decimal places). | ||||||
I have the solution manual for this course I just do not understand how they got their numbers | ||||||
Company A | Company B | |||||
2020 | 2019 | 2020 | 2019 | |||
Sales | $263,000.00 | $187,000.00 | ? | $48,500.00 | ||
Sales Discount | $2,630.00 | ? 1350.00 | $1,200.00 | $570.00 | ||
Sales Return and Allowance | ? | $16,700.00 | $6,200.00 | ? 2430.00 | ||
Net Sales | ? | $168,950.00 | ? | $45,500.00 | ||
Cost of Goods Sold | $157,100.00 | ? | $57,700.00 | ? | ||
Gross Profit from Sales | $51,700.00 | ? | $49,100.00 | $22,100.00 | ||
Selling Expense | $18,620.00 | $19,700.00 | $25,700.00 | ? | ||
Administrative Expenses | $26,300.00 | ? | $30,400.00 | $9,700.00 | ||
Total Operating Expenses | ? | $47,400.00 | ? | ? | ||
Profit (Loss) | ? | $15,100.00 | ? | $2,700.00 | ||
Gross Profit | ? | ? | ? | ? | ||
solve ? |
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