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Home/ Questions/For each company, calculate the missing amount.
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lyytutoria
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lyytutoriaExpert
Asked: April 13, 20222022-04-13T05:39:11+00:00 2022-04-13T05:39:11+00:00In: Accounting

For each company, calculate the missing amount.

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For each company, calculate the missing amount. 
Company Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net  Income
Lennon $14,200 (a) $6,100 $2,550 $3,550
Harison 14,300 9,100 (b) 4,100 1,100
McCartney 9,200 7,100 2,100 (c) 550
Starr 12,200 4,100 8,100 5,550 (d)

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♦ Relevant knowledge
Operating expenses are the expenditures that a business makes to manage its business. Operating expenses don’t contain the price of selling goods or capital expenses. This includes salaries rent for offices office equipment as well as depreciation and other expenses.

 

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    lyytutoria Expert
    2022-04-27T00:26:34+00:00Added an answer on April 27, 2022 at 12:26 am

    a.

    Cost of goods sold = Sales revenue – Gross profit

    Cost of goods sold = $14,200 – $6,100

    Cost of goods sold = $8,100

    b.

    Gross profit = Sales revenue – Cost of goods sold

    Gross profit = $14,300 – $9,100

    Gross profit = $5,200

    c.

    Operating expense = Gross profit – Net income

    Operating expense = $2,100 – $550

    Operating expense = $1,550

    d.

    Net income = Gross profit – Operating expense

    Net income = $8,100 – $5,550

    Net income = $2,550

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  2. Oliver Byrne
    2022-04-13T05:39:13+00:00Added an answer on April 13, 2022 at 5:39 am

    Lennon Company:

    Cost of goods sold = Gross profit = $14,000. – $6.100 = $8.100

    Harrison Company

    Gross Profit = Sales Revenue + Cost of Goods Sold = $14,300 – $9,100 = $5,000.

    McCartney Company

    Operating expenses = Gross Profit – Net income = $2,100 – $550 = $1,550

    Starr Company

    Net income = Gross Profit – Operating expenses = $8,100 – $5,550 = $2,550

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