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Presented here are the components in Oriole Company’s income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income Year 1 $ 72,660 $Enter a dollar amount for year 1 (b) $ 31,100 $Enter a dollar amount for year 1 (d) $13,290 Year 2 $108,500 $72,200 $Enter a dollar amount for year 2 (c) $Enter a dollar amount for year 2 (e) $29,900 Year 3 $Enter a dollar amount for year 3 (a) $73,190 $112,180 $46,690 $Enter a total net income for year 3 (f)

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Answer:

Oriole Company

Income Statement

                Sales        Cost of               Gross      Operating        Net

             Revenue     Goods Sold        Profit       Expenses      Income

Year 1   $ 72,660       $ 41,560        $ 31,100      $ 17,810       $13,290

Year 2  $108,500     $72,200         $ 36,300    $ 6,400       $29,900

Year 3  $ 185,300     $73,190          $112,180     $46,690     $65,490

Explanation:

Data:

Year 1 $ 72,660 $Enter a dollar amount for year 1

(b) $ 31,100 $Enter a dollar amount for year 1

(d) $13,290 Year 2 $108,500 $72,200 $Enter a dollar amount for year 2

(c) $Enter a dollar amount for year 2

(e) $29,900 Year 3 $Enter a dollar amount for year 3

(a) $73,190 $112,180 $46,690 $Enter a total net income for year 3 (f)

Arrangement:

                Sales        Cost of               Gross      Operating        Net

             Revenue     Goods Sold        Profit       Expenses      Income

Year 1   $ 72,660       $                     $ 31,100      $                 $13,290

Year 2  $108,500     $72,200           $                $                 $29,900

Year 3  $                    $73,190          $112,180     $46,690     $

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