Exercise 315 Presented below is financial information for tw

Exercise 3-15 Presented below is financial information for two different companies. Compute the missing amounts. Pina Company Grouper Company Sales revenue Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Net income 94,100 98780(d) 16160(a) 77,940 56,680 4,680 90,330 36,540 21,370 15,170 15,140 LINK TO TEXT

Solution

Calculate missing amount :

	Pina company	Grouper company
Sales revenue	94100	d) 95010
Sales return and allowances	a) 16160	4680
Net sales	77940	90330
Cost of goods sold	56680	e) 53790
Gross profit	b) 21260	36540
Oprating expense	15140	21370
Net income	c) 6120	15170