Solution-Determine amounts for items omitted from income

Determine amounts for items omitted from income statement

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Reference no: EM13554726

Determining amounts for items omitted from income statement

Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.

Sales	$300,000	$600,000	$850,000	$ (g)
Sales returns and allowances	(a)	30,000	(e)	10,000
Sales discounts	20,000	18,000	70,000	25,000
Net sales	250,000	(c)	775,000	(h)
Cost of merchandise sold	(b)	330,000	(f)	400,000
Gross profit	100,000	(d)	300,000	115,000

Reference no: EM13554726

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Determine amounts for items omitted from income statement

Reference no: EM13554726

Reference no: EM13554726

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