Required: Solve for the missing items in the partiál 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 85,000 75,000 Beginning Inventory 80,000 70,000 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
Required: Solve for the missing items in the partiál 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 85,000 75,000 Beginning Inventory 80,000 70,000 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Solve for the missing items in the partial income statement:
NOTE: The ending inventory of the previous year becomes the beginning inventory of the following year.

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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