**Exercise 4-1 (Algo) Computing Revenues, Expenses, and Income LO C1****Instructions**: Fill in the blanks in the following separate income statements labeled a through e.---| | a | b | c | d | e ||-------|---------|---------|---------|---------|---------|| Sales | $71,000 | $44,300 | $49,000 | | $24,400 || **Cost of Goods Sold** | | | | | || Merchandise Inventory, Beginning | 7,200 | 16,800 | 5,500 | 7,900 | 4,400 || Total Cost of Merchandise Purchases | 31,000 | | | 44,000 | 6,300 || Merchandise Inventory, Ending | | 2,600 | 8,300 | 5,200 | || Cost of Goods Sold | 33,000 | 17,000 | | | 7,700 || **Gross Profit** | | | 14,650 | 44,900 | || Expenses | 19,000 | 10,000 | 13,100 | 4,000 | 7,000 || **Net Income (Loss)** | | $17,300 | $1,550 | | $40,900 |**Explanation**:This table is a worksheet used to compute the revenues, expenses, and net income (or loss) for different scenarios. The columns labeled a through e represent separate income statements. Some sections are filled, and others require completion based on given data. The information includes sales, cost of goods sold, inventories, expenses, and net income (or loss).

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Description: **Exercise 4-1 (Algo) Computing Revenues, Expenses, and Income LO C1****Instructions**: Fill in the blanks in the following separate income statements labeled a through e.---| | a | b | c | d | e ||-------|-------

Gross profit means the profit earned by selling the goods without considering the indirect expenses incurred to sell the goods. Cost of goods sold = Opening stock + purchases – ending inventory Gross profit = net sales – cost of goods sold Net profit = Gross profit – expenses

Business

Accounting

Exercise 4-1 (Algo) Computing revenues, expenses, and income LO C1 Fill in the blanks in the following separate income statements a through e. 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 71,000 $ 7,200 31,000 33,000 19,000 $ b 44,300 $ 16,800 2,600 17,000 10,000 17,300 $ с 49,000 5,500 8,300 14,650 13,100 1,550 $ d 7,900 44,000 5,200 44,900 4,000 40,900 $ e 24,400 4,400 6,300 7,700 7,000

Exercise 4-1 (Algo) Computing revenues, expenses, and income LO C1 Fill in the blanks in the following separate income statements a through e. 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 71,000 $ 7,200 31,000 33,000 19,000 $ b 44,300 $ 16,800 2,600 17,000 10,000 17,300 $ с 49,000 5,500 8,300 14,650 13,100 1,550 $ d 7,900 44,000 5,200 44,900 4,000 40,900 $ e 24,400 4,400 6,300 7,700 7,000

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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