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Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a
Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all 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 2020 through 2023, inclusive Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $105,000 $ $77.000 Cost of goods sold 26.240 26,180 Gross pront 76,650 55,760 Operating expenses 69,300 49.280 Net income $ 3.280 Balance Sheet Data Inventory $14,000 $ $16,200 $ Accounts payable 6,300 7,000 5.100 Additional Information Purchases of inventory on account 28.390 $ $26.550 Cash payments to suppliers 27.050 e Textbook and Media
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