Question

Fill in the missing amounts.

Answer 1

Answer:

Explanation:

Monty Corp:

$\text{Sales revenue - Net sales = Sales returns and allowance}$

$\text{Net sales - Cost of goods sold = Gross profit}$

$\text{Gross profit - Operating expenses = Net income}$

Sunland company:

$\text{Net sales + Sales return and allowance = Sales revenue}$

$\text{Net sales - Gross profit = Cost of goods sold}$

$\text{Gross profit - Net income = Operating expenses}$

                                                 Monty Corp           Sunland Company

Sales revenue                         $92000                   $103200

Sales return and allowances   $6000                   $5200

Net sales                                  $86000                  $108000

Cost of goods sold                  $55900                   $66960

Gross profit                               $30100                   $41040

Operating expense                 $13760                      $19440            

Net income                                $16340                   $21600