E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1Enter the missing dollar amounts for the income statement for each of the following independent cases:CasesABCTOESalesRevenue$BeginningInventory1,040 $1,200890960150100180Purchases$1,1501,080640820TotalAvailable1,100EndingInventory$560280240Cost ofGoods Sold460GrossProfit440490Expenses$200180140180PretaxIncome(Loss)140160(80)

Total cost of goods available = Beginning inventory + purchases COGS = Total cost of goods available…

E7-3 (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: Cases A B C D E Sales Revenue $ Beginning Inventory 1,040 $ 1,200 890 960 Purchases 150 $ 100 180 1,150 1,080 640 820 Total Available 1,100 Ending Inventory $ 560 280 240 Cost of Goods Sold 460 Gross Profit 440 490 Expenses $ 200 180 140 180 Pretax Income (Loss) 140 160 (80)

E7-3 (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: Cases A B C D E Sales Revenue $ Beginning Inventory 1,040 $ 1,200 890 960 Purchases 150 $ 100 180 1,150 1,080 640 820 Total Available 1,100 Ending Inventory $ 560 280 240 Cost of Goods Sold 460 Gross Profit 440 490 Expenses $ 200 180 140 180 Pretax Income (Loss) 140 160 (80)

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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