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Required: Solve for the missing items in the partial income statements given below: E9-8 2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 Beginning 80,000 70,000 85,000 75,000 Inventory

Required: Solve for the missing items in the partial income statements given below: E9-8 2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 Beginning 80,000 70,000 85,000 75,000 Inventory

FINANCIAL ACCOUNTING
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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Please answer year 2014 and 2015 only.

Required: Solve for the missing items in the partial income statements given below: E9-8 2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 Beginning 80,000 70,000 85,000 75,000 Inventory Net Purchases 90,000 80,000 120,000 165,000 Cost of goods sold 70,000 135,000 Sales ret & allow 6,000 18,000 Ending inventory 65,000 85,000 100,000 Net sales 117,000 144,000 150,000
Transcribed Image Text:Required: Solve for the missing items in the partial income statements given below: E9-8 2015 2016 2012 2013 2014 Sales 100,000 120,000 150,000 160,000 Gross Profit 44,000 39,000 18,000 Beginning 80,000 70,000 85,000 75,000 Inventory Net Purchases 90,000 80,000 120,000 165,000 Cost of goods sold 70,000 135,000 Sales ret & allow 6,000 18,000 Ending inventory 65,000 85,000 100,000 Net sales 117,000 144,000 150,000
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