E5-11      Income Statement Calculations The income statement information for 2007 and 2008 of the Caleb Company (a sole proprietorship) is as  follows:

2007                           2008

Cost of goods sold                                                $   (a)                          $59,300 Interest expense                                                                         600                                  0

Selling expenses                                                        (b)                            10,800

Operating income                                                  21,800                            (d)

Sales (net)                                                            96,000                            (e)

General expenses                                                      7,900                            (f)

Net income                                                                (c)                             21,600

Interest revenue                                                                 0                             600

Gross profit                                                             39,000                        40,200

Required

Fill in the blanks labeled (a) through (f). All the necessary information is listed. (Hint: It is not necessary to calculate your answers in alphabetical order.)

 

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Status NEW Posted 07 Jun 2017 06:06 AM My Price 4.00

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A-----------nsw-----------er ----------- (a-----------) C-----------ost----------- of----------- Go-----------ods----------- so-----------ld -----------= S-----------ale-----------s l-----------ess----------- Gr-----------oss----------- Pr-----------ofi-----------t C-----------ost----------- of----------- Go-----------ods----------- so-----------ld -----------= $----------- 96-----------,00-----------0 l-----------ess----------- $ -----------39,-----------000----------- = -----------$ 5-----------7,0-----------00 -----------Ope-----------rat-----------ing----------- In-----------com-----------e =----------- Gr-----------oss----------- Pr-----------ofi-----------t l-----------ess----------- Ge-----------ner-----------al -----------Exp-----------ens-----------es -----------les-----------s S-----------ell-----------ing----------- ex-----------pen-----------ses----------- $ -----------21,-----------800----------- = -----------$ 3-----------9,0-----------00 -----------les-----------s $----------- 7,-----------900----------- le-----------ss -----------Sel-----------lin-----------g E-----------xpe-----------nse-----------s (-----------b) -----------Sel-----------lin-----------g E-----------xpe-----------nse-----------s =----------- $ -----------9,3-----------00 -----------(c -----------) N-----------et -----------Inc-----------ome----------- = -----------Ope-----------rat-----------ing----------- In-----------com-----------e a-----------dd -----------Int-----------ere-----------st -----------Rev-----------enu-----------e l-----------ess----------- In-----------ter-----------est----------- ex-----------pen-----------se -----------(c -----------) N-----------et -----------Inc-----------ome----------- = -----------$ 2-----------1,8-----------00 -----------add----------- $ -----------0 l-----------ess----------- $ -----------600----------- = -----------$ 2-----------1,2-----------00 -----------Ope-----------rat-----------ing----------- In-----------com-----------e =-----------

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