Asked by Mariana Rivera on May 09, 2024
Verified
Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Company X Company Y Company Z Operating income (loss) $220$?$(70) Sales ?1,315890 Gross profit 435?465 Operating expenses ?565? Cost of merchandise sold 330775?\begin{array} { | l | r | r | r | } \hline & \textbf { Company X } & \textbf { Company Y } & \textbf { Company } \mathrm { Z } \\\hline \text { Operating income (loss) } & \$ 220 & \$? & \$ ( 70 ) \\\hline \text { Sales } & ? & 1,315 & 890 \\\hline \text { Gross profit } & 435 & ? & 465 \\\hline \text { Operating expenses } & ? & 565 & ? \\\hline \text { Cost of merchandise sold } & 330 & 775 & ? \\\hline\end{array} Operating income (loss) Sales Gross profit Operating expenses Cost of merchandise sold Company X $220?435?330 Company Y $?1,315?565775 Company Z$(70)890465??
Condensed Income Statements
Simplified financial statements that summarize the revenue, costs, and expenses incurred during a specified period, showing the net income or loss.
Merchandising Companies
Businesses that purchase goods in a finished state and sell them as is, making profits from the sales margin.
- Calculate gross profit from given sales and cost of merchandise sold data.
Verified Answer
MJ
Michael johnsonMay 12, 2024
Final Answer :
? Company X Company Y Company Z Operating income (loss) $220$(25)$(70) Sales 7651,315890 Gross profit 435540465 Operating expenses 215565535 Cost of merchandise sold 330775425\begin{array} { | l | r | r | r | } \hline & \text { Company X } & \text { Company Y } & \text { Company Z } \\\hline \text { Operating income (loss) } & \$ 220 & \$ ( 25 ) & \$ ( 70 ) \\\hline \text { Sales } & 765 & 1,315 & 890 \\\hline \text { Gross profit } & 435 & 540 & 465 \\\hline \text { Operating expenses } & 215 & 565 & 535 \\\hline \text { Cost of merchandise sold } & 330 & 775 & 425 \\\hline\end{array} Operating income (loss) Sales Gross profit Operating expenses Cost of merchandise sold Company X $220765435215330 Company Y $(25)1,315540565775 Company Z $(70)890465535425 OR rearranged in the order of the income statement: Company X Company Y Company Z Sales $765$1,315$890 Less cost of merchandise sold 330775425 Gross profit 435540465 Less operating expenses 215565535 Operating income (loss) 220(25)(70)\begin{array} { | l | r | r | r | } \hline & \textbf { Company X} & \textbf { Company Y } & \textbf { Company Z} \\\hline \text { Sales } & \$ 765 & \$ 1,315 & \$ 890 \\\hline \begin{array} { l } \text { Less cost of merchandise } \\\text { sold }\end{array} & 330 & 775 & 425 \\\hline \text { Gross profit } & 435 & 540 & 465 \\\hline \text { Less operating expenses } & 215 & 565 & 535 \\\hline \text { Operating income (loss) } & 220 & ( 25 ) & ( 70 ) \\\hline\end{array} Sales Less cost of merchandise sold Gross profit Less operating expenses Operating income (loss) Company X$765330435215220 Company Y $1,315775540565(25) Company Z$890425465535(70)
Learning Objectives
- Calculate gross profit from given sales and cost of merchandise sold data.