For each of the following, determine the missing amounts.SalesRevenueCost ofGoods SoldGrossProfitOperatingExpensesNetIncome$100,000 $enter a dollar amount $enter a dollar amount $30,000 $12,000 $enter a dollar amount $135,000 $125,000 $enter a dollar amount
Question
For each of the following, determine the missing amounts.SalesRevenueCost ofGoods SoldGrossProfitOperatingExpensesNetIncomeenter a dollar amount 30,000 enter a dollar amount 125,000 $enter a dollar amount
Solution
The missing amounts can be determined by using the following formulas:
- Gross Profit = Sales Revenue - Cost of Goods Sold
- Net Income = Gross Profit - Operating Expenses
For the first scenario:
Cost of Goods Sold = Sales Revenue - Gross Profit Cost of Goods Sold = 30,000 = $70,000
Net Income = Gross Profit - Operating Expenses Net Income = 12,000 = $18,000
For the second scenario:
Gross Profit = Sales Revenue - Cost of Goods Sold Gross Profit = 125,000 = $10,000
Net Income is not provided in the second scenario, so it cannot be calculated.
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