ACADEMIC AFFAIRS4G+39.41 12:5975%KB/sProblem 4-8.pdfRepublic of the PhilippinesCity of OlongapoCLONGALOOlongapo City Sports Complex, East Tapinac, Olongapo CityTel. No. (047) 224-2089 loc. 314GORDON COLLEGEProblem 4-8 (Determining the Missing Element of the Income Statement)The partial income statement of five different companies are as follows:12345Net Salesd250,000400,000120,000a290,000Merch. Inventory 1/1/2050,000j160,00070,000Net Cost of Purchases80,000e390,000Good Available for Sale110,000160,000hkmMerch. Inventory 12/31/2040,000f30,00070,000Cost of Goods Sold140,000230,0001380,000Gross Profit50,00040,000i160,000Required: Replace the lettered blanks with the appropriate amounts. (Show your complete solution).Fundamentals of Accounting Part 1 - 1ª Semester AY 2020-2021NOT FOR SALE EXCLUSIVE FOR GORDON COLLEGE ONLYOLLEGEGORDON

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Description: ACADEMIC AFFAIRS4G+39.41 12:5975%KB/sProblem 4-8.pdfRepublic of the PhilippinesCity of OlongapoCLONGALOOlongapo City Sports Complex, East Tapinac, Olongapo CityTel. No. (047) 224-2089 loc. 314GORDON COLLEGEProblem 4-8 (Determining the Missing Elemen

Net sales is the sales revenue after sales returns and sales discounts. Cost of goods sold is the…

Business

Accounting

Problem 4-8 (Determining the Missing Element of the Income Statement) The partial income statement of five different companies are as follows: 1 2 3 4 5 Net Sales a d 250,000 290,000 400,000 Merch. Inventory 1/1/20 b 50,000 70,000 j 120,000 Net Cost of Purchases 80,000 e g 160,000 390,000 Good Available for Sale 110,000 160,000 k Merch. Inventory 12/31/20 Cost of Goods Sold 40,000 f 30,000 70,000 c 140,000 230,000 1 380,000 Gross Profit 50,000 40,000 i 160,000 Required: Replace the lettered blanks with the appropriate amounts. (Show your complete solution).

Problem 4-8 (Determining the Missing Element of the Income Statement) The partial income statement of five different companies are as follows: 1 2 3 4 5 Net Sales a d 250,000 290,000 400,000 Merch. Inventory 1/1/20 b 50,000 70,000 j 120,000 Net Cost of Purchases 80,000 e g 160,000 390,000 Good Available for Sale 110,000 160,000 k Merch. Inventory 12/31/20 Cost of Goods Sold 40,000 f 30,000 70,000 c 140,000 230,000 1 380,000 Gross Profit 50,000 40,000 i 160,000 Required: Replace the lettered blanks with the appropriate amounts. (Show your complete solution).

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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