Determining Amounts for Items Omitted from Income StatementOne item is omitted in each of the following four lists of income statement data.Sales(b)$1,245,000(d)$450,750Cost of merchandise sold(a)$339,150(c)$439,625Gross profit467,97584,49084,380123,905Determine the missing amount.Sа.b.с.46

Net income: The bottom line of income statement which is the result of excess of earnings from…

Answered: Determining Amounts for Items Omitted…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.13MCE

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Determining amounts for items omitted from income statement. Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. ITEMS ENTRY 1 ENTRY 2 P600,000 ENTRY 4 ENTRY 3 Sales Sales returns and allowances Sales discounts Net sales Cost of merchandise sold Gross Profit P250,000 (a) P10,000 P1,000,000 (g). P30,000 P18,000 (e) P7,500 P11,500 P40,000 (h) P225,000 (c) P330,000 (d) P910,000 (b) P90,000 (f) P286,500 P400,000 P120,000
answer in text form please (without image)
Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.)
Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) a b C $ 63,000 $ 43,600 $ 41,000 7,500 33,000 33,450 12,000 16,290 5,200 (2.700) (8,300) 17.000 7,700 33,000 (7,400) 5,600 46,100 11,630 11,270 4,800 $ 14,970 $ (5,670) $ 41,300 0 $ 24,500 4,400 6,800 6,400 7,800
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory Purchases Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales 2024 $289,490 $ 11,810 21,890 5,030 8,240 232,300 45,380 2025 11,950 347,134 32,240 260,730 7,830 9,240 91,360 2026 $408,710 296,971 9,930 10,910 292,643 101,420
Please Solve with details and do not Give image format
b
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Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases Sales Revenue Beginning Inventory Purchases Total Available Ending Inventory Cost of Goods Sold Gross Profit Expenses Pretax Income (Loss) AB $ 1,060 $ 300 $ 1,000 $ 1,300 $ 640 $ 660 $ 400 $ 190 $ 210 1,400 200 1,060 1,260 30 170 270 CD с 170 270 440 240 140 880 630 230 180 150 E 1,120 920 1,120 420 (140) +
N1.
Fill In the blanks In the following separate Income statements a through e. (Amounts to be deducted should be Indicated by a mlnus sign.) $ 66,000 $ 45,200 $ 50,000 $ 24,500 Sales Cost of goods sold Merchandise inventory (beginning) 8,900 16,550 6,300 7,900 4,330 Total cost of merchandise purchases 35,000 35,000 5,800 Merchandise inventory (ending) (2,500) (8,200) (6,800) Cost of goods sold 33,720 18,000 7,500 Gross profit 3,200 43,400 Expenses 20,000 11.830 10,120 5,000 7,400 Net income (loss) $ 15,370 $ (6,920) 38,400
E7-2 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,080 4,990 16,070 10,230 $ 7,560 $ 5,840 1,720 200 1,520 $ Case B 6,530 8,630 15,160 10,980 $ 7,560 $ 4,180 1,400 840 (560) $ Case C $ 3,950 9,380 13,330 8,980 $ 6,160 4,350 3,790 560 1,250

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