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1 year ago

Fill in the missing amounts.

1 answer:

4 0

Let understand that the organized table are intended to calculate missing numbers on Income Statement for the two companies are drawn below.

Here, we are calculating missing columns for Monty Corp. and Whispering Winds Corp.

Also understand that the bold numbers are the columns calculated according to the question.

Particulars Monty Corp. Whispering Winds Corp.

Sales revenue $90,000 $111,000

Sales return and allowance $6,000 $5,000

Net sales $84,000 $106,000

Cost of goods sold $53,760 $65,720

Gross profit $30,240 $40,280

Operating expenses $15,120 $19,080 

Net income $15,120 $21,200

In conclusion, the formulae used to derived the bolded answers are:

Sales revenue - Net sales = Sales returns and allowance
Net sales - Cost of goods sold = Gross profit
Gross profit - Operating expenses = Net income
Net sales + Sales return and allowance = Sales revenue
Net sales - Gross profit = Cost of goods sold
Gross profit - Net income = Operating expenses

See similar solution here

brainly.com/question/15062414

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