The following income statement information for 2014 and 2015 was obtained from the accounting records of Upperco Company.
2014
2015
Sales $200,000
$150,000
Beginning inventory(a)
______
(e)
______
Purchases (net) 40,000
40,000
Ending inventory 25,000
5,000
Cost of goods sold(b)
______
60,000
Gross profit 65,000
(f)
______
Operating expenses(c)
______
(g)
______
Income before income taxes(d)
______
40,000
Income tax expense (30%) 14,100
(h)
______
Net income (loss) 32,900
(i)
______
Required:Fill in the blanks for the missing data.
What will be an ideal response?
| a. | $120,000 |
| b. | $135,000 |
| c. | $ 18,000 |
| d. | $ 47,000 |
| e. | $ 25,000 |
| f. | $ 90,000 |
| g. | $ 50,000 |
| h. | $ 12,000 |
| i. | $ 28,000 |
You might also like to view...
When determining the batch size, which consideration is the least important?
a. achieving economies by grouping together large numbers of transactions b. complying with legal mandates c. providing control over the transaction process d. balancing the trade-off between batch size and error detection
An opinion leader is likely to be most effective under all of the following conditions except when the
A. follower has high product involvement. B. follower has low product knowledge. C. follower has values and attitudes similar to the opinion leader. D. product details are numerous and complicated. E. follower has attitudes and values that are different from those of the opinion leader.
In changing an organization, Alpha change is ______.
A. a difference among some relatively stable dimension of reality B. recalibration of the intervals C. the first step in any change D. none of these
Which of the following is not a source for the development of critical success factors?
A) the industry that the company operates in B) the company itself C) the political factors of the countries that the organization resides in D) All of the above