Exercise 3-15

Presented below is financial information for two different companies.

Compute the missing amounts.

Metlock Company Bonita Company

Sales revenue 89,060 (d)Sales returns and allowances

( a) enter a dollar amount 4,750

Net sales 86,570 94,440

Cost of goods sold 60,730 (e)enter a dollar amount

Gross profit (b) 36,880

Operating expenses 15,750 23,950

Net income enter a total net income amount (c)12,930