Question
Determining Amounts for Items Omitted from Income Statement An item has been omitted in each of...
Determining Amounts for Items Omitted from Income Statement
An item has been omitted in each of the following four lists of income statement data. Determine the missing amount.
| Chase Company | Jessup Inc. | Osterman Company | Snyder Co. | ||
|---|---|---|---|---|---|
| The total amount charged to customers for goods sold, including cash sales and sales on account.Sales | $443,000 | $ | $1,081,000 | $ | |
| The cost that is reported as an expense when goods is sold.Cost of goods sold | $ | $423,900 | $ | $417,600 | |
| Net sales minus the cost of goods sold.Gross profit | $83,800 | $290,100 | $382,300 | $291,200 | |
Homework Answers
Answer #1
Formula for determining the
gross profit is equals to Sales - Cost of goods sold.
In the above sum, in each case one out of the three things is missing.By placing the available figures in formula the balance amount will be arrived.
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