Please help solve this Question 2 Presented below are the co

Please help solve this

Question 2 Presented below are the components in Veasy Company\'s income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income $77,500 $36,300 $19,800 (b) $108,300 $71,800 $24,900 $72,700 $83,900 $42,200

Solution

(a) Cost of goods sold = $77,500 - $36,300 = $41,200

Operating expenses = $36,300 - $19,800 = $16,500

(b) Gross profit = $108,300 - $71,800 = $36,500

Operating expenses = $36,500 - $24,900 = $11,600

(c) Sales Revenue = $72,700 + $83,900 = $156,600

Net income = $83,900 - $42,200 = $41,700