Exercise 5-21 Income Statement for a Merchandiser Fill in the missing amounts in the following…


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Exercise 5-21 Income Statement for a Merchandiser Fill in the missing amounts in the following… 1 answer below » Exercise 5-21 Income Statement for a Merchandiser Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. View complete question » Sales revenue Less: Sales returns and allowances $125,600 (a) Net sales Cost of goods sold: Beginning inventory $  23,400 $122,040 Purchases Less:  Purchase discounts $ (b) 1,300 Exercise 5-21 Income Statement for a Merchandiser Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. Sales revenue Less: Sales returns and allowances $125,600 (a) Net sales Cost of goods sold: Beginning inventory $  23,400 $122,040 Purchases Less:  Purchase discounts $ (b) 1,300 Net purchases Add: Transportation-in $ (c) 6,550 Cost of goods purchased 81,150 Cost of goods available for sale Less: Ending inventory $104,550 (e) Cost of goods sold (d) Gross profit Operating expenses $  38,600 (f) Income before tax $  26,300 Income tax expense 10,300 Net income $   (g) View less » Jan 29 2016 12:14 PM

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