Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise Inventory ending Cost of goods sold Gross profit Expenses Net income (loss) 3 $ 62,000 $ 8,000 38,000 34,050 10,000 $ b 43,500 $ 55,000 17,050 3,000 15,000 10,650 16,850 $ 7,500 9,000 12,750 12,150 600 $ 8,000 32,000 6,500 45,600 3,600 42,000 S 25,600 4,560 6,600 7,000 6,000

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Q: What is debit

A: Debit is an entry recorded in the left side column of an account.

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A: The income statement is one of the financial statement of the business.

Q: Net income may be based on estimates.   true or False

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A:

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Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.