Fill in the missing amounts. Sheridan Company Skysong, Inc. Sales revenue $80,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 74,000 90,000 Cost of goods sold 51,800 enter a dollar amount Gross profit enter a subtotal of the two previous amounts 28,800 Operating expenses 13,320 enter a dollar amount Net income enter a total net income 11,700

Fill in the missing amounts.

                                           Sheridan Company      Skysong, Inc.

Sales revenue                             $80,000                 $94,000

Sales returns and allowances    $6,000                   $4,000

Net sales                                      $74,000                 $90,000

Cost of goods sold                      $51,800                  $61,200

Gross profit                                  $22,200                 $28,800

Operating expenses                    $13,320                  $17,100

Net income                                   $8,880                   $11,700

Explanation:

Sheridan Company

Net Sales = Gross Sales - Sales returns and allowances

$74000 = $80,000 - Sales returns and allowances

Sales returns and allowances  = $80,000 - $74000 = $6,000

Gross profit = Net sales - Cost of Goods Sold

Gross profit = $74,000 - $51,800 = $22,200

Net income = Gross profit - Operating Expenses

Net income = $22,200 - $13,320 = $8,880

Skysong, Inc.

Net Sales = Gross Sales - Sales returns and allowances

$90,000 = Gross Sales - $4,000

Gross Sales = $90,000 + $4,000 = $94,000

28,800 = $90,000 - Cost of Goods Sold

Cost of Goods Sold = $61,200

Net income = Gross profit - Operating Expenses

$11,700 = $28,800 - Operating Expenses

Operating Expenses = $28,800 - $11,700 = $17,100

d. all of the above are true.

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