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I'm confused? I don't know how get the numbers missing E5-3 Income Statement Calculation O'Connor Company's income statement information for 2019 and 2020 (a sole
I'm confused? I don't know how get the numbers missing
E5-3 Income Statement Calculation O'Connor Company's income statement information for 2019 and 2020 (a sole LO 5.4 proprietorship ) is as follows: 2019 2020 Beginning inventory $ (a) $ (d) Sales 206,000 e Purchases 130,000 140,000 Purchases returns and allowances 7,000 6,000 Ending inventory 62,000 (F) Gross profit (b) 100,000 Cost of goods sold 114,000 120,000 Selling expenses 35,000 36,000 Transportation-in 2,000 5,000 General and administrative expenses 20,000 (g) Net income (c) 43,000 Required: Next Level Provide the missing amounts for the blanks labeled (a ) through (g). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.)Step by Step Solution
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