The following financial information is presented for three different companies. Determine the missing amounts. Allen Bast Corr
Cosmetics Grocery Wholesalers
Sales revenue $90,000 $122,000
Sales returns and allowances 5,000 12,000
Net sales 86,000 95,000
Cost of goods sold 56,000 86,000
Gross profit 38,000 24,000
Operating expenses 15,000 18,000
Income from operations 4,000 7,000
Other expenses and losses 15,000 6,000
Net income 11,000 5,000

Note: The organized question is attached

d. Net income = Income from operating - Other expenses and losses

Net income = $15,000 - $4,000

Net income = $11.000

f. Gross profit - Sales - Cost of goods sold

$38,000 = $95,000 - Cost of goods sold

Cost of goods sold = $95,000 - $38,000

Cost of goods sold = $57,000

h. Income from operations = Net income - Other expenses and losses

Income from operations = $11,000 + $7,000

Income from operations = $18,000

g. Income from operations = Gross profit - Operating expenses

$18,000 = $38,000 - Operating expenses

Operating expenses = $38,000 - $18,000

Operating expenses = $20,000

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