Supply the missing amounts for each of the following companies:

Requirement
1. Prepare the income statement for Gerald Company for the year ended December 31, 2012. Use the cost-of-goods-sold model to compute cost of goods sold. Gerald’s operating and other expenses for the year were $42,000. Ignore incometax.

Transcribed Image Text:

Cost of Goods Sold Beginning Net Sales Inventory $100,000 $21,000 28,000 Net Purchases $60,000 Ending Inventory $19,000 22,000 Gross Profit Company Gerald (d) 41,000 21,000 60,000 32,000 vans 137,000 55,000 33,000 Dunleavy Thomas 80,000 9,000 g) 35,000