Income Statement Calculations O'Connor Company's income statement information is as follows: Year 2 Year 3 Beginning...

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Income Statement Calculations O'Connor Company's income statement information is as follows: Year 2 Year 3 Beginning inventory $ (a) $ (d) Sales 206,000 (e) Purchases 130,000 140,000 Purchases returns and allowances 7,000 6,000 Ending inventory 62,000 (f) Gross profit (b) 100,000 Cost of goods sold 114,000 120,000 Selling expenses 35,000 36,000 Transportation-in 2,000 General and administrative expenses 20,000 5,000 (g) Net income (c) 43,000 Required: Compute the missing amounts labeled (a) through (g). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.) (a) Beginning inventory Year 2 (b) Gross profit Year 2 (c) Net income Year 2 (d) Beginning inventory Year 3 (e) Sales Year 3 (f) Ending inventory Year 3 (g) General and administrative expenses Year 3 Income Statement Calculations O'Connor Company's income statement information is as follows: Year 2 Year 3 Beginning inventory $ (a) $ (d) Sales 206,000 (e) Purchases 130,000 140,000 Purchases returns and allowances 7,000 6,000 Ending inventory 62,000 (f) Gross profit (b) 100,000 Cost of goods sold 114,000 120,000 Selling expenses 35,000 36,000 Transportation-in 2,000 General and administrative expenses 20,000 5,000 (g) Net income (c) 43,000 Required: Compute the missing amounts labeled (a) through (g). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.) (a) Beginning inventory Year 2 (b) Gross profit Year 2 (c) Net income Year 2 (d) Beginning inventory Year 3 (e) Sales Year 3 (f) Ending inventory Year 3 (g) General and administrative expenses Year 3

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Lets calculate the missing amounts labeled a through g using the provided information a Beginning in... View the full answer