Financial Accounting: E5-20 Fill in the missing amounts in the income statement for Carpenters

Financial Accounting 
E5-20 Income Statement for a Merchandiser 
Fill in the missing amounts in the income statement for Carpenters Department Store Inc. Enter text where needed. 
CARPENTERS DEPARTMENT STORE INC. 
Sales revenue $125,600 

Net sales $122,040 
Cost of goods sold: 
Beginning inventory $23,400 

Less: Purchase discounts 1,300 

Add: Transportation-in 6,550 
Cost of goods purchased 
Cost of goods available for sale $104,550 


Gross profit $38,600 

Income before tax $26,300 
Income tax expense 10,300 
Powered by