The following table represents portions of the income statements of Brinkerhoff Company for the years 1998-2000: begin{tabular}{|c|c|c|c|}

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The following table represents portions of the income statements of Brinkerhoff Company for the years 1998-2000:

\begin{tabular}{|c|c|c|c|}

\hline & 2000 & 1999 & 1998 \\

\hline Gross sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . & $\$ 42,000$ & $\$(9)$ & $\$ 25,800$ \\

\hline Sales discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & 0 & 100 & 100 \\

\hline Sales returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & 0 & 200 & 700 \\

\hline Net sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & 42,000 & $(10)-$ & (1) \\

\hline Beginning inventory & (15) V & 8,000 & (2) \\

\hline Purchases & 24,800 & $(11) \checkmark$ & 15,000 \\

\hline Purchases discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & 700 & 300 & 500 \\

\hline Freight-in. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . & (16) & 0 & 500 \\

\hline Cost of goods available for sale. . & 29,000 & 25,000 & (3) \\

\hline Ending inventory . . . . . . . . . . . . & 3,800 & $(12) \checkmark$ & (4) \\

\hline Cost of goods sold & (17) & (13) $\sqrt{2}$ & (5) \\

\hline Gross margin. . . . . . & (18) & 14,000 & (6) \\

\hline Selling expenses . & 4,000 & (14) & (7) \\

\hline \multicolumn{4}{|l|}{ General and administrative } \\

\hline expenses & 11 & 3,200 & $3,000 \quad$ \\

\hline Income before income taxes & 9,000 & 8,000 & 4,000 \\

\hline Income taxes................ . . & 4,500 & 4,000 & (8) \\

\hline Net income . . & (20) & 4,000 & $2,000 \quad$ \\

\hline

\end{tabular}

Fill in the missing numbers. Assume that gross margin is 40 percent of net sales revenue.

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Survey Of Accounting

ISBN: 9780538846172

1st Edition

Authors: James D. Stice, W. Steve Albrecht, Earl Kay Stice, K. Fred Skousen

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