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ncome Statement Calculations O'Connor Company's income statement information for 2019 and 2020 (a sole proprietorship) is as follows: 2019 2020 Beginning inventory $ (a) $
ncome Statement Calculations
O'Connor Company's income statement information for 2019 and 2020 (a sole 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:
Compute the missing amounts labeled (a) through (g). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.)
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