Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $ 43,500 $ 55,000 $ 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 32,000 6,600 Merchandise inventory ending 3,000 9,000 6,600 Cost of goods sold 34,050 16,000 7,000 Gross profit 12,750 45,600 10,000 10,650 12,150 3,600 6,000 Expenses Net income (loss) $16,850 $ 600 $ 42,000

Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $ 43,500 $ 55,000 $ 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 32,000 6,600 Merchandise inventory ending 3,000 9,000 6,600 Cost of goods sold 34,050 16,000 7,000 Gross profit 12,750 45,600 10,000 10,650 12,150 3,600 6,000 Expenses Net income (loss) $16,850 $ 600 $ 42,000

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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