Income Statements for Merchandising Companies Assignment
February 18th, 2020
Consider the following partially completed income statements for merchandising companies and compute the missing amounts:
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| Flynt Corp. | ||
| Sales | $100,000 | |
| Cost of Goods Sold: | ||
| Beginning Merchandise Inventory | ||
| Purchases and Freight In | 47,000 | |
| Cost of Goods Available for Sale | ||
| Ending Merchandise Inventory | (2,100) | |
| Cost of Goods Sold | 63,000 | |
| Gross Profit | 37,000 | |
| Selling and Administrative Expenses | ||
| Operating Income | $10,000 | |
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