A Portion of the Income Statement for Lone Star Company

Question 24

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A portion of the income statement for Lone Star Company is shown below.Provide the missing account titles and amounts. A.−−−−$380,000 Sales discounts 20,000 Net salesB.−−−− Cost of goods sold$100,000C.−−−−D.−−−−\begin{array}{ll}A.&---- & \$ 380,000 \\&\text { Sales discounts } & 20,000 \\&\text { Net sales}&&B.&----\\&\text { Cost of goods sold}&&&\$100,000\\C.&---- &&D.&----\\\end{array}

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