Supply the missing dollar amounts for the 2017statement of earnings of Kwan Company for each of...

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Accounting

Supply the missing dollar amounts for the 2017statement ofearnings of Kwan Company for each of the following independentcases:

Case ACase BCase C
Sales revenue$ 8,000$ 6,000
Sales returns and allowance150275
Net sales revenue5,920
Beginning inventory11,0006,5004,000
Purchases5,0009,420
Transportation-in120170
Purchase returns350600
Cost of goods available for sale14,79013,370
Ending inventory10,00010,740
Cost of sales5,400
Gross profit1,450
Expense (operating)1,300520
Pretax earnings (loss)$ 800$ 500$ 0

Answer & Explanation Solved by verified expert
3.9 Ratings (445 Votes)
Income Statement Case A Case B Case C Sales revenue 8000 6000 6195 Sales returns and allowance 150 500 275 Net sales revenue 7850 5500 5920 Beginning inventory 11000 6500 4000 Purchases 5000 8770 9420 Transportationin 100 120 170    See Answer
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