Question

Presented below is financial information for two different companies. Compute the missing amounts. Sunland Company Coronado Company Sales revenue 88,720 enter a dollar amount (d) Sales returns and allowances enter a dollar amount 12160 (a) 4,850 Net sales 76,560 91,480 Cost of goods sold 52,220 enter a dollar amount (e) Gross profit enter a dollar amount 37710 (b) 37,320 Operating expenses 14,510 24,650 Net income enter a total net income amount (c) 12,670 eTextbook and Media Attempts: 0 of 3 used

Answer 1

1) Cost of goods sold = $54,160

2) Sales Revenue = $96,330

3) Net Income = $23,200

Step-by-step explanation:

a) Data and Calculations:

Sunland Company Coronado Company

Sales revenue 88,720 enter a dollar amount (d)

Sales returns and allowances enter a dollar amount 12160 (a) 4,850

Net sales 76,560 91,480

Cost of goods sold 52,220 enter a dollar amount (e)

Gross profit enter a dollar amount 37710 (b) 37,320

Operating expenses 14,510 24,650

Net income enter a total net income amount (c) 12,670

Sunland Company Coronado Company

Sales revenue $88,720 $96,330 (d)

Sales returns and allowances 12,160 4,850

Net sales 76,560 91,480

Cost of goods sold 52,220 54,160 (e)

Gross profit enter a dollar amount 37,710 37,320

Operating expenses 14,510 24,650

Net income $23,200 (c) $12,670

Missing figures:

e) (cost of goods sold) = Net sales minus gross profit:

= $91,480 - 37,320 = $54,160

d) (sales revenue) = Sales returns plus Net Sales

= $4,850 + $91,480

= $96,330

c) (net income) = Gross profit minus operating expenses:

= $37,710 - 14,510 = $23,200