Solved

For Each Company,calculate the Missing Amount

Question 122

Short Answer

For each company,calculate the missing amount.  Company  Sales  Cost of  Goods  Sold  Gross  Profit  Operating  Expenses  Net  Income  Lennon $8,000 (a) $4,000$3,000$1,000 Harrison 9,0003,000 (b) 2,0004,000 McCartney 8,0003,0005,000 (c) 2,000 Starr 7,0003,0005,0003,000 (d) \begin{array}{l}\begin{array} { l c r r r r } \text { Company } & \text { Sales } & \begin{array} { c } \text { Cost of }\\\text { Goods } \\\text { Sold }\end{array} & \begin{array} { l } \text { Gross } \\\text { Profit }\end{array} & \begin{array} { r } \text { Operating } \\\text { Expenses }\end{array} & \begin{array} { c } \text { Net } \\\text { Income }\end{array} \\\text { Lennon } & \$ 8,000 & \text { (a) } & \$ 4,000 & \$ 3,000 & \$ 1,000 \\\text { Harrison } & 9,000 & 3,000 & \text { (b) } & 2,000 & 4,000 \\\text { McCartney } & 8,000 & 3,000 & 5,000 & \text { (c) } & 2,000 \\\text { Starr } & 7,000 & 3,000 & 5,000 & 3,000 & \text { (d) }\end{array}\end{array}
 Company  Sales  Cost of  goods sold  Gross  profit a Operating  expenses  Net  income b Lennon $8,0004,000$4,000$3,000$1,000 Harrison 9,0003,0006,0002,0004,000 McCartney 8,0003,0005,0003,0002,000 Starr 7,0002,0005,0003,0002,000\begin{array} { l r r r r r } { \text { Company } } & \text { Sales } & \begin{array} { r } \text { Cost of } \\\text { goods sold }\end{array} & \begin{array} { r } \text { Gross } \\\text { profit } ^ { \mathbf { a } }\end{array} & \begin{array} { r } \text { Operating } \\\text { expenses }\end{array} & \begin{array} { r } \text { Net } \\\text { income } ^ { \mathbf { b } }\end{array} \\\hline \text { Lennon } & \$ 8,000 & \underline { 4,000 } & \$ 4,000 & \$ 3,000 & \$ 1,000 \\\text { Harrison } & 9,000 & 3,000 & \underline { 6,000 } & 2,000 & 4,000 \\\text { McCartney } & 8,000 & 3,000 & 5,000 & \underline { 3,000 } & 2,000 \\\text { Starr } & 7,000 & 2,000 & 5,000 & 3,000 & \underline { 2,000 }\end{array}

Correct Answer:

verifed

Verified

blured image a.Gross profit = Sales revenu...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents