E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amounts for the 2020 statement of earnings of Ultimate Style Company for each of the following independent cases: Sales revenue Selling expense Cost of sales Income tax expense Gross profit Earnings before income tax Administrative expense Net earnings Case A Case B Case C $ 980 $ 780 $ 490 162 92 420 50 360 114 520 42 460 228 170 186 64 32 86 72 54 Case D 412 520 60 218 120 158 Case E $ 830 262 350 34 480 118 100 84

E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amounts for the 2020 statement of earnings of Ultimate Style Company for each of the following independent cases: Sales revenue Selling expense Cost of sales Income tax expense Gross profit Earnings before income tax Administrative expense Net earnings Case A Case B Case C $ 980 $ 780 $ 490 162 92 420 50 360 114 520 42 460 228 170 186 64 32 86 72 54 Case D 412 520 60 218 120 158 Case E $ 830 262 350 34 480 118 100 84

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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