Question
Sales revenue E5-13 Presented below is financial information for two different companies. Kim Company (d) Dae Company $90,000 Sales returns (a) $ 5,000 Net sales
Sales revenue E5-13 Presented below is financial information for two different companies. Kim Company (d) Dae Company $90,000 Sales returns (a) $ 5,000 Net sales 87,000 Cost of goods sold 56,000 Gross profit (b) 102,000 (e) 41,500 Operating expenses 15,000 (f) Net income (c) 15,000 Instructions (a) Determine the missing amounts. (b) Determine the gross profit rates. (Round to one decimal place.) E5-14 Financial information is presented below for three different companies. Holloway Cosmetics Jin Grocery Kwon Wholesalers Sales revenue $90,000 Sales returns and allowances (a) $ (e) 5,000 $122,000 12,000 Net sales 86,000 95,000 (i) Cost of goods sold 56,000 (f) Gross profit (b) 38,000 (j) 24,000 Operating expenses 15,000 (g) 18,000 Income from operations (c) (h) (k) Other expenses and losses 4,000 7,000 (1) Net income (d) 11,000 5,000 Instructions Determine the missing amounts
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