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Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017: Sales revenue $100,000 Cost of goods sold: Beginning inventory $12,000 Purchases (net) 48,000 Cost of goods available for sale $60,000 Cost of ending inventory 12,000 Cost of goods sold 48,000 Gross margin $52,000 Expenses 30,000 Net income $2,000 Given this information, if ending inventory was $10,000 instead of $12,000, net income would be Oa. $22.000 Оь. s18.000 Oc. $20,000 Od. None of these

Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017: Sales revenue $100,000 Cost of goods sold: Beginning inventory $12,000 Purchases (net) 48,000 Cost of goods available for sale $60,000 Cost of ending inventory 12,000 Cost of goods sold 48,000 Gross margin $52,000 Expenses 30,000 Net income $2,000 Given this information, if ending inventory was $10,000 instead of $12,000, net income would be Oa. $22.000 Оь. s18.000 Oc. $20,000 Od. None of these

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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Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017: Sales revenue $100,000 Cost of goods sold: Beginning inventory $12,000 Purchases (net) 48,000 Cost of goods available for sale $60,000 Cost of ending inventory 12,000 Cost of goods sold 48,000 Gross margin $52,000 Expenses 30,000 Net income $22,000 Given this information, if ending inventory was $10,000 instead of $12,000, net income would be Oa. $22,000 Ob. $18,000 Oc. $20,000 Od. None of these
Transcribed Image Text:Chyna Corporation has the following statement of comprehensive income for the year ended December 31, 2017: Sales revenue $100,000 Cost of goods sold: Beginning inventory $12,000 Purchases (net) 48,000 Cost of goods available for sale $60,000 Cost of ending inventory 12,000 Cost of goods sold 48,000 Gross margin $52,000 Expenses 30,000 Net income $22,000 Given this information, if ending inventory was $10,000 instead of $12,000, net income would be Oa. $22,000 Ob. $18,000 Oc. $20,000 Od. None of these
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