Exercise 5-1 Computing revenues, expenses, and income LO C1, C2Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minussign.)abCdeSales$62,000 $43,500 $46,00025,600Cost of goods soldMerchandise inventory|(beginning)8,00017,0507,5008,0004,560Total cost of merchandise38,00032,0006,600purchasesMerchandise inventory (ending)(3,000)(9,000)(6,600)Cost of goods sold34,05016,0007,000Gross profit3,75045,600Expenses10,00010,65012,1503,6006,000Net income (loss)$16,850$(8,400)$42,000

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Description: Exercise 5-1 Computing revenues, expenses, and income LO C1, C2Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minussign.)abCdeSales$62,000 $43,500 $46,00025,600Cost of goo

The income statement is prepared to find the net income or loss incurred during the period.

Business

Accounting

n the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by -) a b d e es $ 62,000 $ 43,500 $ 46,000 $ 25,600 t of goods sold Herchandise inventory ginning) otal cost of merchandise 8,000 17,050 7,500 8,000 4,560 38,000 32,000 6,600 chases lerchandise inventory (ending) (3,000) (9,000) (6,600) ost of goods sold 34,050 16,000 7,000 ss profit 3,750 45,600 enses 10,000 10,650 12,150 3,600 6,000 income (loss) $ 16,850 $ (8,400) $ 42,000 %24

n the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by -) a b d e es $ 62,000 $ 43,500 $ 46,000 $ 25,600 t of goods sold Herchandise inventory ginning) otal cost of merchandise 8,000 17,050 7,500 8,000 4,560 38,000 32,000 6,600 chases lerchandise inventory (ending) (3,000) (9,000) (6,600) ost of goods sold 34,050 16,000 7,000 ss profit 3,750 45,600 enses 10,000 10,650 12,150 3,600 6,000 income (loss) $ 16,850 $ (8,400) $ 42,000 %24

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.4EX: Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual...

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