Exercise 5-14

Financial information is presented below for three different companies.

Determine the missing amounts.

Ivanhoe Cosmetics Sarasota Grocery Metlock Wholesalers

Sales revenue. $93,500 $. (e). $129,800

Sales returns and allowances. (a). 5,110. 12,800

Net sales. 87,600. 96,900. (i)

Cost of goods sold. 55,500. (f) (j)

Gross profit (b). 40,600. 26,100

Operating expenses. 18,000. (g). 18,400

Income from operations. (c) (h). (k)

Other expenses and losses. 3,400. 7,300. (l)

Net income. (d). 11,800. 4,600