A portion of the income statement for Oscar Company is shown below. Provide the
ID: 2352761 • Letter: A
Question
A portion of the income statement for Oscar Company is shown below. Provide the missing account titles and amounts.
Debit Credit
A. _____________?________________ $350,000
B. Sales returns & allowances _____?_____
C. ______________?_________________ $348,000
D+E. _____________?_________________ ___?_______
Gross Margin $90,000
Explanation / Answer
A Gross Sales B 2,000 (350,000-2,000=348,000) C Net Sales D Cost of goods sold E 258,000 (348,000-258,000=90,000)