Asked by habibatou diallo on May 26, 2024
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Presented here are the components in Bradley Company's income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income $75,000(a)$35,000( b)$17,000 (c) $86,000$59,000$48,000 (d) \begin{array}{ccccc}\begin{array} { l } \text { Sales } \\\text { Revenue }\end{array} & \begin{array} { c } \text { Cost of } \\\text { Goods Sold }\end{array} & \begin{array} { c } \text { Gross } \\\text { Profit }\end{array} & \begin{array} { c } \text { Operating } \\\text { Expenses }\end{array} & \begin{array} { c } \text { Net } \\\text { Income }\end{array} \\\hline\$ 75,000 & (\mathrm{a}) & \$ 35,000 & (\mathrm{~b}) & \$ 17,000 \\\text { (c) } & \$ 86,000 & \$ 59,000 & \$ 48,000 & \text { (d) }\end{array} Sales Revenue $75,000 (c) Cost of Goods Sold (a)$86,000 Gross Profit $35,000$59,000 Operating Expenses ( b)$48,000 Net Income $17,000 (d)
Gross Profit
The financial metric representing the difference between revenue and the cost of goods sold, before deducting overheads, salaries, taxes, and interest payments.
Net Income
The net income of a company, which is the amount remaining after deducting all costs and taxes from its total revenue.
Operating Expenses
The ongoing costs incurred in the operation of a business, excluding the cost of goods sold.
- Understand and calculate the components of an income statement, including sales revenue, cost of goods sold, gross profit, operating expenses, and net income.
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Learning Objectives
- Understand and calculate the components of an income statement, including sales revenue, cost of goods sold, gross profit, operating expenses, and net income.
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