Solution-Complete the abbreviated income statement

Complete the abbreviated income statement

Reference no: EM133078455

Question - The Company Techito S.A. obtained these results in the previous accounting period, with these data provide what is requested.

Inventory as of March 1 ¢1,425,000

Discounts on purchases 247,500

Inventory as of March 31 1,050,000

Returns on sales 345,000

Sales 8,400,000

Returns on purchases 240,000

Shopping 4,050,000

Freight over sales 60,000

Sales discounts 570,000

Freight on purchases 105,000

Administrative expenses 780,000

Sales expenses 1,320,000

Required - It is requested: Perform the necessary calculations to complete the following abbreviated income statement:

1. Net sales (0.06% of the note)

2. Sales costs (0.06% of the grade)

3. Gross profit (0.06% of the grade)

4. Overhead (0.06% of the grade)

5. Net income (0.06% of the note)

Reference no: EM133078455

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Complete the abbreviated income statement

Reference no: EM133078455

Reference no: EM133078455

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