Referring to Exhibit 5.15, calculate the missing amounts (round to two decimal places). Analysis Component: Company A
Question:
Referring to Exhibit 5.15, calculate the missing amounts (round to two decimal places).
Analysis Component: Company A and Company B are in similar industries. Comment on their comparative performances.
Exhibit 5.15
Transcribed Image Text:
Company B Company A 2020 2019 2020 2019 Sales $263,000 $187,000 $48,500 Sales discounts. 2,630 ? 1,200 570 Sales returns and allowances. 16,700 6,200 45,500 Net sales. 168,950 157,100 Cost of goods sold. 57,700 Gross profit from sales. 51,700 49,100 22,100 19,700 Selling expenses. 18,620 25,700 Administrative expenses. 26,300 30,400 9,700 Total operating expenses.. 47,400 Profit (loss). 15,100 2,700 Gross profit ratio.. Lifetime Equipment Co-op Income Statement For Year Ended February 23, 2020 Revenues: Net sales. $314,700 Rent revenue. 2,800 Total revenues. $317,500 Expenses: Cost of goods sold $230,400 Selling expenses.. 42,100 General and administrative expense.. 29,300 Interest expense 360 Total expenses 302,160 Profit. $ 15,340
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Company A Company B 2020 2019 2020 2019 Sales 263000 187000 114200 48500 Sales discounts 2630 1350 1...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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