Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be dedu sign.) b Sales $ 62,000 S 43,500 S 46,000 25,600 Cost of goods sold Merchandise inventory (beginning) 8,000 17,050 7.500 8,000 4,560 Total cost of merchandise purchases 38,000 1,950 43,750 32,000 6,600 Merchandise inventory (ending) (11,950) (3,000) (9,000) (6,600) (4,160) Cost of goods sold 34 050 16,000 42,250 33,400 7,000 Gross profit 27 950 27,500 3,750 45,600 18,600 10.000 10,650 12,150 3,600 6,000
Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be dedu sign.) b Sales $ 62,000 S 43,500 S 46,000 25,600 Cost of goods sold Merchandise inventory (beginning) 8,000 17,050 7.500 8,000 4,560 Total cost of merchandise purchases 38,000 1,950 43,750 32,000 6,600 Merchandise inventory (ending) (11,950) (3,000) (9,000) (6,600) (4,160) Cost of goods sold 34 050 16,000 42,250 33,400 7,000 Gross profit 27 950 27,500 3,750 45,600 18,600 10.000 10,650 12,150 3,600 6,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 5-1 Computing revenues, expenses, and income LO C1, C2
Fill in the blanks in the following separate income statements a through e. (Amounts to be dedu
sign.)
b
Sales
$ 62,000
S 43,500 S 46,000
25,600
Cost of goods sold
Merchandise inventory (beginning)
8,000
17,050
7.500
8,000
4,560
Total cost of merchandise purchases
38,000
1,950
43,750
32,000
6,600
Merchandise inventory (ending)
(11,950)
(3,000)
(9,000)
(6,600)
(4,160)
Cost of goods sold
34 050
16,000
42,250
33,400
7,000
Gross profit
27 950
27,500
3,750
45,600
18,600
10.000
10,650
12,150
3,600
6,000
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