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13 April, 00:37

Fill in the missing amounts. Sheridan Company Skysong, Inc. Sales revenue $80,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 74,000 90,000 Cost of goods sold 51,800 enter a dollar amount Gross profit enter a subtotal of the two previous amounts 28,800 Operating expenses 13,320 enter a dollar amount Net income enter a total net income 11,700

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  1. 13 April, 03:06
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    Fill in the missing amounts.

    Sheridan Company Skysong, Inc.

    Sales revenue $80,000 $94,000

    Sales returns and allowances $6,000 $4,000

    Net sales $74,000 $90,000

    Cost of goods sold $51,800 $61,200

    Gross profit $22,200 $28,800

    Operating expenses $13,320 $17,100

    Net income $8,880 $11,700

    Explanation:

    Sheridan Company

    Net Sales = Gross Sales - Sales returns and allowances

    $74000 = $80,000 - Sales returns and allowances

    Sales returns and allowances = $80,000 - $74000 = $6,000

    Gross profit = Net sales - Cost of Goods Sold

    Gross profit = $74,000 - $51,800 = $22,200

    Net income = Gross profit - Operating Expenses

    Net income = $22,200 - $13,320 = $8,880

    Skysong, Inc.

    Net Sales = Gross Sales - Sales returns and allowances

    $90,000 = Gross Sales - $4,000

    Gross Sales = $90,000 + $4,000 = $94,000

    28,800 = $90,000 - Cost of Goods Sold

    Cost of Goods Sold = $61,200

    Net income = Gross profit - Operating Expenses

    $11,700 = $28,800 - Operating Expenses

    Operating Expenses = $28,800 - $11,700 = $17,100
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