Supply the missing income statement amounts for each of the following companies:

Requirement
1. Prepare the income statement for Arnold Company for the year ended December 31, 2016. Use the cost-of-goods-sold model to compute cost of goods sold. Arnold's operating and other expenses for the year were $41,000. Ignore income tax.

Transcribed Image Text:

Cost of Goods Gross Ending Company Arnold Donahue Allen Nugent Beginning Inventory $106,000 $19,000 27,000 Net Purchases $60,000 Net Sales Invento Sold Profit ry $17,000 26,000 132,000 (d 40,000 22,000 63,000 32,000 57,000 32,000 86,000 8,000 ) 35,000