Using the financial information presented for Alexandria Co., compute the missing amounts. Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs. Sales revenue Sales returns and allowances 40,000 Net sales 90,000 Cost of goods sold Gross profit 70,000 Operating expenses Net income 20,000

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is