Problems
169. Farmen Company, Inc. had net sales of $600,000 and cost of goods sold of $450,000. Calculate Farmen’s gross profit.
170. National Storage Company, Inc. had sales of $1,000,000, sales discounts of $2,500, sales returns and allowances of $15,000, and cost of goods sold of $525,000. Calculate National’s gross profit.
171. Harley’s Antique Shop, Inc. had net sales of $772,000. The gross profit was $415,000. Calculate Harley’s cost of goods sold.
172. Fill in the blanks (a) through (g) for the Morrison Company, Inc. for each of the income statements for 2014, 2015, and 2016.
MorrisonCompany, Inc.
Income Statements
For the years ended December 31
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2014
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2015
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2016
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Sales...............................
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$7,500
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$10,000
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(f)
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Cost of goods sold......................
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Merchandise inventory (beginning)..........
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(a)
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375
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750
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Total cost of merchandise purchases.........
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2,400
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3,625
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4,875
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Merchandise inventory (ending)............
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(b) ____
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750
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625
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Cost of goods sold.....................
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2,770
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(d)____
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5,000
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Gross profit...........................
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(c)
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6,750
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5,200
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Operating expenses.....................
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3,750
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3,750
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(g)____
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Net income
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$ 980
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(e) .
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$ 2,500
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