Answers
Sales Revenue Sales returns and allowences Net sales Cost of Goods Sold Gross Profit Operating Expenses Net Income Marigold Company Swifty Company $ 81,200 S 91,160 (d) 460 (a) $ 5,450 $ 80,740 $ 85,710 $ 57,090 S 49,260 (e) S 23,650 (6) $ 36,450 $ 15,680 $ 23,960 S 7,970 ( cs 12,490 Working Notes: Marigold Company Net sales = Sales Revenue - Sales returns and allowences $80,740 = $81,200 - Sales returns and allowences Sales Returns and Allowences = $81,200-$80,740 = $460 Gross Profit = Net Sales - Cost of Goods Sold = $80,740 - $57,090 = $23,650 Net income = Gross Profit - Operating Expenses = $23,650-$15,680 = $7,970 Swifty Company Net sales = Sales Revenue - Sales returns and allowences $85,710 = Sales Revenues - $5,450 Sales Revenues = $85,710+$5,450 = $91,160 Gross Profit = Net Sales - Cost of Goods Sold $36,450 = $85,710 - Cost of Goods sold Cost of Goods Sold = $85,710 - $36,450 = $49,260
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