Question

Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.)

	a b c d e Sales $62,000 $44,700 $53,000 $26,700 Cost of goods sold Merchandise inventory (beginning) 8,800 16,040 6,700 7,100 4,380 Total cost of merchandise purchases 31,000 44,000 6,400 Merchandise inventory (ending) (2,400) (8,000) (7,000) Cost of goods sold 33,770 17,000 7,500 Gross profit 5,100 49,200 Expenses 10,000 10,590 11,630 4,800 7,800 Net income (loss) $17,110 $(6,530) $44,400

Answer 1

	a	b	c	d	e
Sales	$62,000	$44,700	$53,000	$93,300	$26,700
Cost of goods sold
Merchandise inventory (beginning)	8,800	16,040	6,700	7,100	4,380
Total cost of merchandise purchases	31,000	3,360	49,200	44,000	6,400
Merchandise inventory (ending)	-6,030	-2,400	-8,000	-7,000	-3,280
Cost of goods sold	33,770	17,000	$47,900	$44,100	7,500
Gross profit	$28,230	$27,700	5,100	49,200	$19,200
Expenses	10,000	10,590	11,630	4,800	7,800
Net income (loss)	$18,230	$17,110	($6,530)	$44,400	$11,400