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 ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Exercise 5–7
Calculating expenses
and income
Fill in the blanks in the following income statements. Identify any losses by putting the
amount in parentheses.
(LO 1, 2)
Sales
$40,000 $85,000
$24,000
$ ?
S59,000
Cost of goods sold:
$ 6,400
14,000
Beginning inventory
$ 4,000
24,000
$ 6,200
$ 5,000
$ 3,500
Purchases
Ending inventory
Cost of goods sold
Gross profit .
Expenses .
Net income (loss)
?
16,000
(5,400)
(6,000)
$ ?
$ 2,500
?
(3,300)
?
$14,000
$ ?
$22,700
$31,800
$ ?
$ ?
$ ?
$22,800
6,000
21,300
8,100
1,300
15,000
$ ?
$31,900
S (5,600)
$21,500
$ ?
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