E31 Inferring Statement of Earnings Values LO32 Supply the m

E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amounts for the 2017 statement of earnings of Ultimate Style Company for each of the following independent cases Case A Case B Case C Case D Case E Sales revenue Selling expense Cost of sales Income tax expense Gross profit Earnings before income tax $ 1,100 900 610 180 480 80 430 550 90 280 410 40 540 110 50 550 270 200 210 260 150 150 90 130 Net earnings 60 90 References eBook & Resources Worksheet E3-1 Inferring Statement of Earnings Values LO3-2 Learning Objective: 03-02 Explain how business activities affect the elements of the statement of earnings heck my work

Solution

Determine missing amount :

	Case A	Case B	Case C	Case D	Case E
Sales revenue	1100	900	610	1390	950
Selling expenses	80	180	110	430	280
Cost of sales	550	480	300	550	410
Income tax exp	60	80	50	90	40
Gross profit	550	420	310	840	540
earning before income tax	270	150	110	260	130
Administrative exp	200	90	90	150	130
Net earnings	210	70	60	170	90