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Q1) Fill in the blanks in separate income statements given below a through e. Recognize any negative amount by putting it in parentheses.

 
A
B
C
D
E
Sales
$60,00
$42,500
$36,000
$   ?
$23,600
Cost of goods sold
 
 
 
 
 
Merchandise inventory (beginning)
6,000
17,050
7,500
7,000
2,560
Total cost of merchandise purchases
36,000
?
?
32,000
5,600
Merchandise inventory (ending)
?
(2,700)
(9,000)
(6,000)
?
Cost of goods sold
34,050
15,900
?
?
5,600
Gross profit
?
?
3,750
45,600
?
Expenses
9,000
10,650
12,150
2,600
6,000
Net income (loss)
$ ?
$ 15,950
$ (8,400)
$ 43,000
$ ?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920028

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