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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Using the following information, what is the cost of goods sold? Purchases $32,282 Selling expense $955 Inventory, September 1 7,698 Inventory, September 30 2,640 Administrative expense 525 Sales 52,858 Rent revenue 1,044 Interest expense 893 a.$893 b.$31,176 c.$37,340 d.$14,993
Using the following information, what is the amount of gross profit? Purchases $ 25,449 Selling expense $ 970 Inventory, September 1 5,138 Inventory, September 30 8,660 Administrative expense 545 Sales 55,013 Rent revenue 844 Interest expense 907 A. $907 B. $21,927 C. $24,542 D. $33,086
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
Selected data for three companies are given below. All inventory amounts are ending balances. Description Amount Subcategory, Accounts Receivable 16,100 Administrative Expenses 15,300 Cash 26,500 Cost of Goods Sold 46,500 Equipment 53,000 Merchandise Inventory 7,300 Sales Revenue 92,000 Sellilng Expenses 20,500 Description Amount Subcategory, Accounts Receivable 10,800 Cash 7,800 Equipment 47,400 Rent Expense 5,200 Service Revenue 34,100 Utilities Expense 2,200 Wages Expense 10,500 Description Amount Subcategory, Accounts Receivable 25,400 Administrative Expenses 42,900 Cash 27,700 Cost of Goods Manufactured 112,900 Cost of Goods Sold 98,000 Equipment 259,000 Finished Goods Invetory 10,800 Raw Materials Inventory 8,800 Sales Revenue 223,900 Selling Expenses 49,500 Work-in-Process Inventory 5,200 Using the data above, indentify each company as a Service Company, Merchandising Company, or…
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