Fill in the blanks in the following separate Income statements a through e. (Amounts to be deducted should be Indicated by a mlnus sign.) $ 06,000 $ 45.200 $ 50,000 $ 24,500 Sales Cost of goods sold Merchandise inventory (beginning) 8,000 18,550 6,300 7,900 4,330 Total cost of merchandise purchases 35,000 35,000 5,600 Merchandise inventory (ending) (2,500) (8,200) (6,800) Cost of goods sold 33,720 18.000 7,500 Gross profit 3.200 43,400 Expenses 20,000 10,120 $ 15,370 $ (0,020) 11,830 5,000 7,400 Net income (loss) $ 38,400
Fill in the blanks in the following separate Income statements a through e. (Amounts to be deducted should be Indicated by a mlnus sign.) $ 06,000 $ 45.200 $ 50,000 $ 24,500 Sales Cost of goods sold Merchandise inventory (beginning) 8,000 18,550 6,300 7,900 4,330 Total cost of merchandise purchases 35,000 35,000 5,600 Merchandise inventory (ending) (2,500) (8,200) (6,800) Cost of goods sold 33,720 18.000 7,500 Gross profit 3.200 43,400 Expenses 20,000 10,120 $ 15,370 $ (0,020) 11,830 5,000 7,400 Net income (loss) $ 38,400
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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Transcribed Image Text:Fill In the blanks In the following separate Income statements a through e. (Amounts to be deducted should be Indicated by a mlnus
sign.)
$ 66,000
$ 45,200
$ 50,000
$ 24,500
Sales
Cost of goods sold
Merchandise inventory (beginning)
8,900
16,550
6,300
7,900
4,330
Total cost of merchandise purchases
35,000
35,000
5,800
Merchandise inventory (ending)
(2,500)
(8,200)
(6,800)
Cost of goods sold
33,720
18,000
7,500
Gross profit
3,200
43,400
Expenses
20,000
11.830
10,120
5,000
7,400
Net income (loss)
$ 15,370
$ (6,920)
38,400
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Step 1
Solution:
Income statement is one of the financial statement of company that shown income and expenditure for an accounting period. It also shows how much profit or loss a company earned during the period.
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