Exercise 5-1 (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 65,000 $ 8,600 31,000 33,140 24,000 $ b 44,000 $ 51,000 16,490 2,600 20,000 C 11,110 12,890 $ 5,000 8,800 13,750 12,650 1,100 $ 7,600 45,000 7,500 41,100 4,000 37,100 $ 24,400 4,520 5,200 7,400 7,600

Exercise 5-1 (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 65,000 $ 8,600 31,000 33,140 24,000 $ b 44,000 $ 51,000 16,490 2,600 20,000 C 11,110 12,890 $ 5,000 8,800 13,750 12,650 1,100 $ 7,600 45,000 7,500 41,100 4,000 37,100 $ 24,400 4,520 5,200 7,400 7,600

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Description: Exercise 5-1 (Algo) Computing revenues, expenses, and income LO C1Fill in the blanks in the following separate income statements a through e.SalesCost of goods soldMerchandise inventory, beginningTotal cost of merchandise purchasesMerchandise invent

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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