E3-1 Inferring Statement of Earnings Values LO3-2 Supply the missing dollar amou

Question

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

Explanation / Answer

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

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