Question

Exercise 5-08 a-b (Part Level Submission) Financial information for two companies are presented below.

(a) Fill in the missing amounts. Yoste Company Noone Company Sales revenue $90,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 5,000 Net sales 84,000 100,000 Cost of goods sold 58,000 enter a dollar amount Gross profit enter a subtotal of the two previous amounts 40,000 Operating expenses 14,380 enter a dollar amount Net income enter a total net income 17,000

Answer 1

Correct Answer:

		Yoste company	Noone Company
A	Sales Revenue	$        90,000	$        105,000
B	Sales Return and allowances	$          6,000	$            5,000
C=A-B	Net sales	$        84,000	$        100,000
D	Cost of goods sold	$        58,000	$          60,000
E=C-D	Gross profit	$        26,000	$          40,000
F	Operating expenses	$        14,380	$          23,000
G=E-F	Net income	$        11,620	$          17,000

End of Answer.

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