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CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold Amortization Expense Loss on Goodwill NSF fees Expense Rental Equipment Expense Advances from customers Gain from asset disposition Accounts Receivable Sales Revenue $144,732 $8,000 $3,238 $1,300 $1,000 $500 $7,000 $20,000 $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $

CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold Amortization Expense Loss on Goodwill NSF fees Expense Rental Equipment Expense Advances from customers Gain from asset disposition Accounts Receivable Sales Revenue $144,732 $8,000 $3,238 $1,300 $1,000 $500 $7,000 $20,000 $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold Amortization Expense Loss on Goodwill NSF fees Expense Rental Equipment Expense Advances from customers Gain from asset disposition Accounts Receivable Sales Revenue $144,732 $8,000 $3,238 $1,300 $1,000 $500 $7,000 $20,000 $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $
Transcribed Image Text:CAB Ltd. Has collected the following data and asks you to prepare the Income statement: Cost of Merchandise Sold Amortization Expense Loss on Goodwill NSF fees Expense Rental Equipment Expense Advances from customers Gain from asset disposition Accounts Receivable Sales Revenue $144,732 $8,000 $3,238 $1,300 $1,000 $500 $7,000 $20,000 $150,000 Required 1: CAB's net income (loss) for the year must have been: $ Required 2: CAB's merchandising gross margin for the year must have been: $
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