Exercise 5-11 Calculating income statement components L01,5 Referring to Exhibit 5.15( Sample… 1 answer below »

Exercise 5-11 Calculating income statement components L01,5 Referring to Exhibit 5.15( Sample Single Step Income Statement – Perpetual) calculate the missing amounts (round to two decimal places). Company A Company B 2020 2019 2020 2019 Sales 3,000.00 $187,000.00 ? $48,500.00 Sales Discount $2,630.00 ? 1350.00 $1,200.00 $570.00 Sales Return and Allowance ? $16,700.00 $6,200.00 ? 2430.00 Net Sales ? $168,950.00 ? $45,500.00 Cost of Goods Sold $157,100.00 ? $57,700.00 ? 23400.00 Gross Profit from Sales $51,700.00 ? $49,100.00 $22,100.00 Selling Expense $18,620.00 $19,700.00 $25,700.00 ? Administrative Expenses $26,300.00 ? $30,400.00 $9,700.00 Total Operating Expenses ? $47,400.00 ? ? Profit (Loss) ? $15,100.00 ? $2,700.00 Gross Profit ? ? ? ? Solve for ? Gross Profit Ratio Calculation Gross Profit from Sale/Net Sales x100

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