Supply the missing income statement amounts for each of the following companies:

Requirement

1. Prepare the income statement for Sutherland Company for the year ended December 31, 2018. Use the cost-of-goods-sold model to compute cost of goods sold. Sutherland’s operating and other expenses for the year were $36,000. Ignore income tax.

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Cost of Goods Sold Beginning Inventory Net Purchases Ending Inventory Gross Company Net Sales Profit (a) (d) 52,000 60,000 Sutherland Crossen Williams $100,000 125,000 $20,000 28,000 (f) $59,000 $16,000 45,000 20,000 (g) (b) (c) 52,000 29,000 (e) 36,000 (h) 7,000 Scott 88,000 33,000