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Kingbird, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases al inventory on credit and uses a
Kingbird, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases al inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2015 through 2018, inclusive Calculate the missing amounts Collapse question part 016 2017 2018 Income Statement Data Sales revenue Cost of goods sold Gross profit Operating expenses $98,828 $83,864 28,621 27,020 69,156 60,812 64,913 53,927 $3,580 Net income Balance Sheet Data Inventory Accounts payable Additional Information Purchases of inventory on account Cash payments to suppliers $13,260 $14,994 5,916 6,630 4,692 26,408 g) $24,531 25,143
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