Question

In: Accounting

Fill in the blanks in the following separate income statementsa through e.

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


abcde
Sales$72,000$44,500$36,000
$25,200
Cost of goods sold




Merchandise inventory (beginning)7,50016,9606,1007,0004,470
Total cost of merchandise purchases58,000

37,0006,800
Merchandise inventory (ending)
(2,100)(8,700)(6,000)
Cost of goods sold33,39017,000

7,800
Gross profit

5,90047,600
Expenses22,00011,53010,0705,1006,600
Net income (loss)
$15,970$(4,170)$42,500



Solutions

Expert Solution

Answer.

a b c d e
Sales $72,000 $44,500 $36,000 $85,600 $25,200
Cost of goods sold
Merchandise inventory (beginning) $7,500 $16,960 $6,100 $7,000 $4,470
Total cost of merchandise Purchase $58,000 $2,140 $32,700 $37,000 $6,800
Merchandise Inventory (ending) ($32,110) ($2,100) ($8,700) ($6,000) ($3,470)
Cost of goods sold $33,390 $17,000 $30,100 $38,000 $7,800
Gross profit $38,610 $27,500 $5,900 $47,600 $17,400
Expenses $22,000 $11,530 $10,070 $5,100 $6,600
Net income (loss) $16,610 $15,970 ($4,170) $42,500 $10,800

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