EX 6-22 Determining amounts for items omitted from income statement

Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.


Sales $525,000 $733,000 $1,440,000 $ (g)
Sales returns and allowances (a) 28,000 (e) 85,000
Sales discounts 41,350 17,500 100,000 65,000
Net sales 463,400 (c) 1,295,000 (h)
Cost of merchandise sold (b) 410,000 (f) 900,000
Gross profit 83,500 (d) 275,000 600,00


Answer:
a. $20,250 ($525,000 – $41,350 – $463,400)
b. $379,900 ($463,400 – $83,500)
c. $687,500 ($733,000 – $28,000 – $17,500)
d. $277,500 ($687,500 – $410,000)
e. $45,000 ($1,440,000 – $100,000 – $1,295,000)
f. $1,020,000 ($1,295,000 – $275,000)
g. $1,650,000 ($1,500,000 + $85,000 + $65,000)
h. $1,500,000 ($900,000 + $600,000)