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Tanzania [10]
3 years ago
14

Presented below are the components in Gates Company’s income statement. Determine the missing amounts. Sales Revenue Cost of Goo

ds Sold Gross Profit Operating Expenses Net Income (a) $82,400 $ $30,100 $ $20,900 (b) $110,600 $77,000 $ $ $23,600 (c) $ $75,100 $87,200 $47,700
Business
1 answer:
Mumz [18]3 years ago
4 0

Answer:

(a) $52,300; $9,200

(b) $33,600; $10,000

(c) $162,300; $39,500

Explanation:

(a) Sales Revenue = $82,400

Cost of Goods Sold = ?

Gross Profit = $30,100

Operating Expenses = ?

Net Income = $20,900

Gross profit = Sales revenue - Cost of goods sold

$30,100 = $82,400 - Cost of goods sold

Cost of goods sold = $82,400 - $30,100

                                = $52,300

Net income = Gross margin - Operating expenses

Operating expenses = Gross margin - Net income

                                  = $30,100 - $20,900

                                  = $9,200

(b) Sales Revenue = $110,600

Cost of Goods Sold = $77,000

Gross Profit = ?

Operating Expenses = ?

Net Income = $23,600

Gross profit = Sales revenue - Cost of goods sold

                    = $110,600 - $77,000

                    = $33,600

Operating expenses = Gross margin - Net income

                                  = $33,600 - $23,600

                                  = $10,000

(c) Sales Revenue = ?

Cost of Goods Sold = $75,100

Gross Profit = $87,200

Operating Expenses = $47,700

Net Income = ?

Gross profit = Sales revenue - Cost of goods sold

Sales revenue = Gross profit + Cost of goods sold

                        = $87,200 + $75,100

                        = $162,300

Net income = Gross margin - Operating expenses

                   = $87,200 - $47,700

                   = $39,500

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