The Following Statement of Earnings Is Complete Except for a Few

question 20

Essay

The following statement of earnings is complete except for a few captions with solid lines on the left, and amounts with dotted lines on the right. You are to fill in the most likely captions and amounts: Smith Retail Company Statement of Earnings for the Y ear Ended December 31, 20X2 $\begin{array}{|l|r|r|}\hline \text { Gross Sales Revenue } & &\$\underline{\quad\quad}\\\hline\underline{\quad\quad}&\$ 3,000\\\hline \text { Sales discounts } &\underline{\quad\quad}&5,000 \\\hline \underline{\quad\quad}&&\$101,000 \\\hline \text { Cost of goods sold: } & \\\hline\underline{\quad\quad} & \$ 12,000 \\\hline \underline{\quad\quad}&\underline{\quad\quad} \\\hline \underline{\quad\quad}& 77,000 \\\hline \text { Ending Inventory } &\underline{\quad\quad} \\\hline \underline{\quad\quad}& &\underline{\quad\quad}\\\hline \underline{\quad\quad}&&38,000\\\hline \text { Operating expenses }&&\underline{\quad\quad}\\\hline \underline{\quad\quad}&&\$16,000\\\hline \end{array}$
Smith Retail Company Income Statement For the Year Ended December 31, 20X2

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