current attempt in progress\npresented here are the components in blossom company’s income statement…

current attempt in progress\npresented here are the components in blossom company’s income statement. determine the missing amounts.\nsales revenue cost of goods sold gross profit operating expe\n$71,000 $ (a) $30,000 $\n$108,100 $70,100 $ (c) $\n$ (e) $71,900 $109,610 $\netextbook and media

current attempt in progress\npresented here are the components in blossom company’s income statement. determine the missing amounts.\nsales revenue cost of goods sold gross profit operating expe\n$71,000 $ (a) $30,000 $\n$108,100 $70,100 $ (c) $\n$ (e) $71,900 $109,610 $\netextbook and media

Answer

Explanation:

Step1: Recall the formula for gross profit

Gross Profit = Sales Revenue - Cost of Goods Sold

Step2: Calculate (a)

Given Sales Revenue = $71,000 and Gross Profit = $30,000. Using the formula, Cost of Goods Sold (a) = Sales Revenue - Gross Profit = $71,000 - $30,000 = $41,000

Step3: Calculate (c)

Given Sales Revenue = $108,100 and Cost of Goods Sold = $70,100. Gross Profit (c)= Sales Revenue - Cost of Goods Sold = $108,100 - $70,100 = $38,000

Step4: Calculate (e)

Given Cost of Goods Sold = $71,900 and Gross Profit = $109,610. Sales Revenue (e)= Cost of Goods Sold+ Gross Profit = $71,900 + $109,610 = $181,510

Answer:

(a) $41,000 (c) $38,000 (e) $181,510