ACC E6-22A – Baker Company

| September 28, 2018

.5em;=”” padding:=”” 0px;=”” border:=”” font-family:=”” helvetica,=”” arial,=”” sans-serif;=”” font-size:=”” 18px;=”” font-stretch:=”” inherit;=”” line-height:=”” vertical-align:=”” baseline;=”” max-width:=”” 665px;=”” color:=”” rgb(51,=”” 51,=”” 51);=”” background-color:=”” rgb(255,=”” 255,=”” 255);”=””>E6-22A(Learning Objective 4: Compute cost of goods sold and gross profit) Supply the missing income statement amounts for each of the following companies (amounts adapted, in millions):CompanyNet SalesBeginning InventoryNet PurchasesEnding InventoryCost of Goods SoldGross ProfitBaker$106,000$21,000$62,000$17,000(a)(b)Lawson137,00026,000(c)23,000(d)44,000Ethan(e)(f)54,00024,00062,00029,000Paulus82,0008,00029,000(g)33,000(h)? Requirement1. Prepare the income statement for Baker Company for the year ended December 31, 2012. Use the cost-of-goods-sold model to compute cost of goods sold. Baker’s operating and other expenses, as adapted, for the year were $44,000. Ignore income tax.Note: Exercise E6-23A builds on Exercise 6-22A with a profitability analysis of these companies.

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