Consider the data in the table below for the three independent health services organizations In...

Question:

Consider the data in the table below for the three independent health services organizations: In thousands of $. Fill in the missing data where there are question marks.

Sales Total Variable Costs Fixed Costs Total Costs Profit
a. $5,500 $1,750 ? $3,250 ?
b. ? $2,500 ? $4,600 $2,500
c. $8,500 ? $2,250 ? $2,750

Income Statement


An income statement (sometimes also called the Profit and Loss) of a company shows the sales, costs and profit of the company. The most basic formula for the income statement is:

{eq}Sales - Costs = Profit {/eq}

The costs can be broken down further to:

{eq}Total\ Variable\ Costs + Fixed\ Costs = Total\ Costs {/eq}

The income statement shows how profitable the company is within a certain range of time.

Answer and Explanation:


We will need to fill in the ? marks on the table below:

SalesTotal Variable CostsFixed CostsTotal CostsProfit
a.$5,500$1,750?$3,250?
b.?$2,500?$4...

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What Is an Income Statement? - Purpose, Components & Format

from Accounting 101: Financial Accounting

Chapter 2 / Lesson 2
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