Determining amounts for items omitted from income statement
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.
|
Sales
|
$300,000
|
$600,000
|
$850,000
|
$ (g)
|
|
Sales returns and allowances
|
(a)
|
30,000
|
(e)
|
10,000
|
|
Sales discounts
|
20,000
|
18,000
|
70,000
|
25,000
|
|
Net sales
|
250,000
|
(c)
|
775,000
|
(h)
|
|
Cost of merchandise sold
|
(b)
|
330,000
|
(f)
|
400,000
|
|
Gross profit
|
100,000
|
(d)
|
300,000
|
115,000
|