Exercise 5–7Calculating expensesand incomeFill in the blanks in the following income statements. Identify any losses by putting theamount in parentheses.(LO 1, 2)Sales$40,000 $85,000$24,000$ ?S59,000Cost of goods sold:$ 6,40014,000Beginning inventory$ 4,00024,000$ 6,200$ 5,000$ 3,500PurchasesEnding inventoryCost of goods soldGross profit .Expenses .Net income (loss)?16,000(5,400)(6,000)$ ?$ 2,500?(3,300)?$14,000$ ?$22,700$31,800$ ?$ ?$ ?$22,8006,00021,3008,1001,30015,000$ ?$31,900S (5,600)$21,500$ ?

Income statement is one of the main Financial Statement that show company Profit or loss incurred…

Fill in the blanks in the following income statements. Identify any losses by putting the amount in parentheses. d $40,000 $85,000 $24,000 $ ? $59,000 Sales Cost of goods sold: Beginning inventory $ 6,200 $ 4,000 24,000 $ 5,000 $ 3,500 $ 6,400 14,000 Purchases Ending inventory Cost of goods sold Gross profit . Expenses . Net income (loss) ? ? 16,000 ? (5,400) (6,000) $ ? $ 2,500 (3,300) ? $31,800 S ? $22,700 $ ? $14,000 $ ? $22,800 $ ? 6,000 21,300 8,100 1,300 15,000 $ ? S31,900 S (5,600) $21,500 S ?

Fill in the blanks in the following income statements. Identify any losses by putting the amount in parentheses. d $40,000 $85,000 $24,000 $ ? $59,000 Sales Cost of goods sold: Beginning inventory $ 6,200 $ 4,000 24,000 $ 5,000 $ 3,500 $ 6,400 14,000 Purchases Ending inventory Cost of goods sold Gross profit . Expenses . Net income (loss) ? ? 16,000 ? (5,400) (6,000) $ ? $ 2,500 (3,300) ? $31,800 S ? $22,700 $ ? $14,000 $ ? $22,800 $ ? 6,000 21,300 8,100 1,300 15,000 $ ? S31,900 S (5,600) $21,500 S ?

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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