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Sales Cost of goods sold: Beginning inventory Plus: Purchases Less: Ending inventory Cost of goods sold Gross margin Period expenses Net income (loss) $2,250 $ 300 975 225 ? ? 300 ? $ 1,800 $ 225 ? 300 900 ? 400 ? $1,350 $ ? 850 300 ? ? 150 150 $ 2,100 300 1,200 ? ? 750 (50)

Sales Cost of goods sold: Beginning inventory Plus: Purchases Less: Ending inventory Cost of goods sold Gross margin Period expenses Net income (loss) $2,250 $ 300 975 225 ? ? 300 ? $ 1,800 $ 225 ? 300 900 ? 400 ? $1,350 $ ? 850 300 ? ? 150 150 $ 2,100 300 1,200 ? ? 750 (50)

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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■ In the following table, there appear income statements for four hypothetical companies. Each income statement is missing three numbers; you are to determine these missing numbers. (Assume taxes are part of "period expenses"). Sales Cost of goods sold: Beginning inventory Plus: Purchases Less: Ending inventory Cost of goods sold Gross margin Period expenses Net income (loss) Co. W $ 2,250 $ 300 975 225 ? ? 300 ? Co. X $ 1,800 $ 225 ? 300 900 ? 400 ? Co. Y $ 1,350 $ ? 850 300 ? ? 150 150 Co. Z $ 2,100 $ 300 1,200 ? ? 750 (50)
Transcribed Image Text:■ In the following table, there appear income statements for four hypothetical companies. Each income statement is missing three numbers; you are to determine these missing numbers. (Assume taxes are part of "period expenses"). Sales Cost of goods sold: Beginning inventory Plus: Purchases Less: Ending inventory Cost of goods sold Gross margin Period expenses Net income (loss) Co. W $ 2,250 $ 300 975 225 ? ? 300 ? Co. X $ 1,800 $ 225 ? 300 900 ? 400 ? Co. Y $ 1,350 $ ? 850 300 ? ? 150 150 Co. Z $ 2,100 $ 300 1,200 ? ? 750 (50)
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