BE5.2 (LO 1), AP The following are the components in Gates Company's income statement. Determine the missing amounts, assuming that there are no nonoperating activities. Instructions Compute missing amounts in determining net income. Operating Expenses Cost of Gross Sales Revenue Gross Profit Net Income Goods Sold $75,000 $30,000 $12,100 а. b. $108,000 $70,000 $29,500 с. $71,900 $109,600 $46,200

Answer C& D I. Presented here are the components in Sanders Company's income statement. Determine the missing amounts. Sales Cost of Sales Gross Profit Net Income Operating Expenses (b) P75,000 (a) P40,000 P17,000 (d) (c) P56,000 P64,000 P48,000

E6-21 Analyzing Gross Profit Percentage on the Basis of a Multi-step Income Statement [LO6-5] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31:          Administrative Expense $ 19,000     Cost of Goods Sold   165,000     Income Tax Expense   17,600     Sales Returns and Allowances   7,000     Selling Expense   40,200     Sales of merchandise for cash   240,000     Sales of merchandise on credit   42,000     Required:1. Based on these data, prepare a multi-step income statement for internal reporting purposes.     2-a. What was the amount of gross profit?     2-b. What was the gross profit percentage?     2-c. Which of the following(s) is true? (Select all that apply.)  E6-21 Analyzing Gross Profit Percentage on the Basis of a Multi-step Income Statement [LO6-5] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31:…

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E7-2 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,080 4,990 16,070 10,230 $ 7,560 $ 5,840 1,720 200 1,520 $ Case B 6,530 8,630 15,160 10,980 $ 7,560 $ 4,180 1,400 840 (560) $ Case C $ 3,950 9,380 13,330 8,980 $ 6,160 4,350 3,790 560 1,250

K The following information relates to Fantastic Clothing, Inc. Net Sales Revenue Cost of Goods Sold Interest Expense Operating Expenses Calculate the net income. OA. $260,700 OB. $265,000 O C. $315,700 OD. $320,000 $550,000 230,000 4,300 55,000

Fill in the missing amounts. Sales revenue Sales returns and allowances (a) Net sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) Pharoah Company $102,000 97,000 65,960 16,490 (d) $ (e) (f) Wildhorse Company 6,200 118,000 40,120 20,060

Statement of income information is presented here for two companies: (a) Calculate the missing amounts. Sales Cost of goods sold Gross profit Operating expenses Income from operations Other income Other expenses Income before income tax Income tax expense Net income LA Ivanhoe Ltd. $88,100 59,027 19,500 780 O 2,424 Ivanhoe Ltée $100,100 40,040 18,000 0 2,200 $13,013

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