Business, 05.03.2020 17:48 joseaguilaroux4zh
Sage Hill Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2015 through 2018, inclusive.
Calculate the missing amounts.
2015 2016 2017 2018
Income Statement Data
Sales revenue $127,895 $(e) $108,530
Cost of goods sold (a) 37,039 34,967
Gross profit 89,496 78,698 (i)
Operating expenses 84,005 (f) 69,788
Net income $(b) $4,633 $(j)
Balance Sheet Data
Inventory $17,160 $(c) $19,404 $(k)
Accounts payable 7,656 8,580 6,072 (l)
Additional Information
Purchases of inventory-
on account 34,175 $(g) $31,746
Cash payments to suppliers (d) (h) 32,538
Answers: 1
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