Answer:
1) Cost of goods sold = $54,160
2) Sales Revenue = $96,330
3) Net Income = $23,200
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
