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Supply the missing dollar amounts for the income statement of Williamson Company for each of the following...

Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases:
Case A:
Sales Revenues, gross: $7,000
Sales Returns and Allowances: $50
Net Sales:
Cost of Goods Sold: $5,250
Gross Profit:
Case B:
Sales Revenues, gross: $5,200
Sales Returns and Allowances:
Net Sales:
Cost of Goods Sold: $3,650
Gross Profit: $1,350
Case C:
Sales Revenues, gross:
Sales Returns and Allowances: $225
Net Sales: $5,720
Cost of Goods Sold: $5,300
Gross Profit:

Answer

Case A:

  1. Net Sales: $7,000 - $50 = $6,950
  2. Gross Profit: $6,950 - $5,250 = $1,700

Case B:

  1. Sales Returns and Allowances: $5,200 - ($3,650 + $1,350) = $200
  2. Net Sales: $5,200 - $200 = $5,000

Case C:

  1. Sales Revenues, gross: $5,720 + $225 = $5,945
  2. Gross Profit: $5,720 - $5,300 = $420

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