Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 115,000 140,000 Purchase returns 2,000 3,000 Ending inventory 50,000 70,000 Gross profit (a) 73,000 Cost of goods sold 101,000 (e) Expenses 60,000 62,000 Net income (c) 11,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (d) Beginning inventory of 2020 $fill in the blank 4 (e) Cost of goods sold $fill in the blank 5 (f) Sales $fill in the blank 6
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: 2019 2020 Beginning inventory $ (b) $ (d) Sales 250,000 (f) Purchases 115,000 140,000 Purchase returns 2,000 3,000 Ending inventory 50,000 70,000 Gross profit (a) 73,000 Cost of goods sold 101,000 (e) Expenses 60,000 62,000 Net income (c) 11,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (d) Beginning inventory of 2020 $fill in the blank 4 (e) Cost of goods sold $fill in the blank 5 (f) Sales $fill in the blank 6
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 4P
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Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020:
| 2019 | 2020 | |
| Beginning inventory | $ (b) | $ (d) |
| Sales | 250,000 | (f) |
| Purchases | 115,000 | 140,000 |
| Purchase returns | 2,000 | 3,000 |
| Ending inventory | 50,000 | 70,000 |
| Gross profit | (a) | 73,000 |
| Cost of goods sold | 101,000 | (e) |
| Expenses | 60,000 | 62,000 |
| Net income | (c) | 11,000 |
Required
Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.)
| (d) Beginning inventory of 2020 | $fill in the blank 4 |
| (e) Cost of goods sold | $fill in the blank 5 |
| (f) Sales | $fill in the blank 6 |
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