Determine the missing amounts, accounting homework help

  

Accounting
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Brief Exercise 5-1
Your answer is partially correct.
Presented below are the components in Gates Company’s income statement.
Determine the missing amounts.
Sales
Revenue
Cost of Goods
Sold
(a)
$78,100
(b)
$110,410
$
$78,520
Operating
Expenses
Net Income
$
$30,400
$
$
$89,450
$47,140
$76,390
$
(c)
Gross Profit
$12,170
$24,500
$
(b)
Prepare separate entries for each transaction for Epps Company. The merchandise purchased by
Tuzun on June 10 had cost Epps $4,670. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Date Account Titles and Explanation
June 10
Debit
Credit
(To record credit sale.)
(To record cost of merchandise sold.)
June 12
(To record merchandise returned.)
(To record cost of merchandise returned.)
June 19
Exercise 5-14
Your answer is partially correct.
Financial information is presented below for three different companies.
Determine the missing amounts.
Allen Cosmetics
Sales revenue
Sales returns and allowances
Net sales
Cost of goods sold
Gross profit
Operating expenses
Income from operations
Other expenses and losses
Net income
$96,970
(a)
85,520
55,820
Bast Grocery Corr Wholesalers
$
(e)
$133,150
5,960
99,090
(f)
(b)
40,190
15,120
(g)
(h)
(c)
3,820
(d)
7,450
11,550
13,160
(i)
(j)
25,800
18,160
(k)
(l)
4,150

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