Supply Dollar Amounts for Blanks (A) Through (H) in the Following

question 70

Essay

Supply dollar amounts for blanks (a) through (h) in the following partial income statement: $\begin{array} { | l | l | } \hline \text { Sales } & \text { (a) }\underline{\quad\quad} \\\hline \text { Inventory, January 1 } & \text { (b) }\underline{\quad\quad} \\\hline \text { Purchases } & \$ 300,000 \\\hline \text { Goods available } & \text { (c) }\underline{\quad\quad} \\\hline \text { Inventory, December } 31 & \text { (d) } \underline{\quad\quad}\\\hline \text { Cost of goods sold } & \$ 210,800 \\\hline \text { Operating expenses } & \text { (e) }\underline{\quad\quad} \\\hline \text { Income before taxes } & \text { (f) }\underline{\quad\quad} \\\hline \text { Income tax expense } & \text { (g) } \underline{\quad\quad}\\\hline \text { Net income } & \text { (h) }\underline{\quad\quad} \\\hline \text { Earnings per share (14,000 shares outstanding) } & \$ 3.40 \\\hline\end{array}$ Additional data: 1) The income tax rate is 30 percent; 2) operating expenses amount to six times the dollar amount of income tax expense; 3) Ending inventory is five times the amount of beginning inventory.

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