Fill in the missing amounts in the following income statement for


Question Description:

24.99

Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. Sales revenue $125,600 Less: Sales returns and allowances (a) Net sales $122,040 Cost of goods sold: Beginning inventory $ 23,400 Purchases $ (b) Less: Purchase discounts $1,300 Net purchases $ (c) Add: Transportation-in 6,550 Cost of goods purchased 81,150 Cost of goods available for sale $104,550 Less: Ending inventory (e) Cost of goods sold (d) Gross profit $ 38,600 Operating expenses (f) Income before tax $ 26,300 Income tax expense 10,300 Net income $ (g)

Answer

24.99