Exercise 4-1 Computing revenues, expenses, and income LO C1, C2
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2
Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.)
| a | b | c | d | e | |
| Sales | $ 62,000 | $ 43,500 | $ 46,000 | $ 25,600 | |
| Cost of goods sold | |||||
| Merchandise inventory (beginning) | $ 8,000 | $ 17,050 | $ 7,500 | $ 8,000 | $ 4,560 |
| Total Cost of merchandise purchases | $ 38,000 | $ | $ | $ 32,000 | $ 6,600 |
| Merchandise inventory (ending) | $ () | $ (3,000) | $ (9,000) | $ (6,600) | $ |
| Cost of goods sold | $ 34,050 | $ 16,000 | $ | $ | $ 7,000 |
| Gross profit | $ | $ | $ 3,750 | $ 45,600 | $ |
| Expenses | $ 10,000 | $ 10,650 | $ 12,150 | $ 3,600 | $ 6,000 |
| Net Income (Loss) | $ | $ 16,850 | $ (8,400) | $ 42,000 | $ |
Homework Answers
| A | B | C | D | E | |
| Sales | $ 62,000 | $ 43,500 | $ 46,000 | $ 79,000 | $ 25,600 |
| Cost of goods sold | |||||
| Merchandise inventory(beginning) | $ 8,000 | $ 17,050 | $ 7,500 | $ 8,000 | $ 4,560 |
| Total cost of merchandise purchase | $ 38,000 | $ 1,950 | $ 43,750 | $ 32,000 | $ 6,600 |
| Merchandise inventory(ending) | ($ 11,950) | ( $ 3,000) | ( $ 9,000) | ( $ 6,600) | ( $ 4,160) |
| Cost of goods sold | $ 34,050 | $ 16,000 | $ 42,250 | $ 33,400 | $ 7,000 |
| Gross profit | $ 27,950 | $ 27,500 | $ 3,750 | $ 45,600 | $ 18,600 |
| Expenses | ( $ 10,000) | ( $ 10,650) | ( $ 12,150) | ( $ 3,600) | ( $ 6,000) |
| Net income or loss | $ 17,950 | $ 16,850 | ( $ 8,400) | $ 42,000 | $ 12,600 |
A.
Cost of goods sold = beginning inventory + purchases - ending inventory.
34,050 = 8,000 + 38,000 - ending inventory.
Ending inventory = 46,000 - 34,050
Ending inventory = $ 11,950.
Gross profit = Sales - Cost of goods sold.
Gross profit = 62,000 - 34,050
Gross profit = $ 27,950.
Net income = Gross profit - expenses.
Net income = 27,950 - 10,000
Net income = $ 17,950.
B.
Cost of goods sold = beginning inventory + purchases - ending inventory.
16,000 = 17,050 + purchases - 3,000
16,000 = Purchases + 14,050
Purchases = 1,950.
Gross profit = Sales - Cost of goods sold.
Gross profit = 43,500 - 16,000
Gross profit = $ 27,500.
C.
Gross profit = Sales - Cost of goods sold.
3,750 = 46,000 - Cost of goods sold.
Cost of goods sold = $ 42,250.
Cost of goods sold = beginning inventory +purchases - ending inventory.
42,250 = 7,500 + purchases - 9,000
42,250 = Purchases - 1,500
Purchases = 43,750.
D.
Cost of goods sold =beginning inventory +purchases - ending inventory.
Cost of goods sold = 8,000 + 32,000 - 6,600
Cost of goods sold = $ 33,400.
Gross profit = Sales - Cost of goods sold.
45,600 = sales - 33,400
Sales = $ 79,000.
E.
Cost of goods sold = beginning inventory +purchases - ending inventory.
7,000 = 4,560 + 6,600 - ending inventory.
7,000 = 11,160 - ending inventory.
Ending inventory = $ 4,160.
Gross profit = Sales - Cost of goods sold.
Gross profit = 25,600 - 7,000
Gross profit = $ 18,600.
Net income = gross profit - expenses.
Net income = 18,600 - 6,000
Net income = $ 12,600.
SUMMARY:
All requirements have been provided.
Answer
| a | b | c | d | e | |
| Sales | $ 62,000 | $ 43,500 | $ 46,000 | $ 79,000 | $ 25,600 |
| Cost of goods sold | |||||
| Merchandise inventory (beginning) | $ 8,000 | $ 17,050 | $ 7,500 | $ 8,000 | $ 4,560 |
| Total Cost of merchandise purchases | $ 38,000 | $ 1,950 | $ 43,750 | $ 32,000 | $ 6,600 |
| Merchandise inventory (ending) | $ (11,950) | $ (3,000) | $ (9,000) | $ (6,600) | $ 4,160 |
| Cost of goods sold | $ 34,050 | $ 16,000 | $ 42,250 | $ 33,400 | $ 7,000 |
| Gross profit | $ 27,950 | $ 27,500 | $ 3,750 | $ 45,600 | $ 18,600 |
| Expenses | $ 10,000 | $ 10,650 | $ 12,150 | $ 3,600 | $ 6,000 |
| Net Income (Loss) | $ 17,950 | $ 16,850 | $ (8,400) | $ 42,000 | $ 12,600 |
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| Particulars | a | b | c | d | e |
| Sales | $ 62,000 | $ 43,500 | $ 46,000 | $ 79,000 | $ 25,600 |
| Cost of goods sold | |||||
| Merchandise inventory ( beginning) | $ 8,000 | $ 17,050 | $ 7,500 | $ 8,000 | $ 4,560 |
| Total cost of inventory purchases | $ 38,000 | $ 1,950 | $ 43,750 | $ 32,000 | $ 6,600 |
| Merchandise inventory ( ending) | $ (11,950) | $ ( 3,000) | $ ( 9,000) | $ ( 6,600) | $ ( 4,160) |
| Cost of goods sold | $ 34,050 | $ 16,000 | $ 42,250 | $ 33,400 | $ 7,000 |
| Gross profit | $ 27,950 | $ 27,500 | $ 3,750 | $ 45,600 | $ 18,600 |
| Expenses | $ 10,000 | $ 10,650 | $ 12,150 | $ 3,600 | $ 6,000 |
| Net income ( loss) | $ 17,950 | $ 16,850 | $ ( 8,400) | $ 42,000 | $ 12,600 |
Fill in the blanks in the following separate income statements a through e (Amounts to be...
Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) b 43,500 e 25,600 $ 62,000 $ $ 46,000 $ 17,050 7,500 8,000 38,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 8,000 32,000 (6,600) | 4,560 6,600 (9.000) (3.000) 16,000 34,050 7,000 10,000 3.750 12,150 (8.400) 10,650...
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the...
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mework Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in...
mework Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) $ 62,000 $ 44,300 $ 40,000 $ 24,900 16,550 5,300 8,600 37,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 7,300 33,000 (5,200) 4,460 5,500 (8,700) (2,800)...
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the...
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Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company’s adjusted trial...
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Fill in the blanks in the following separate income statements a through e. a с d...
Fill in the blanks in the following separate income statements a through e. a с d e b $ 68,000 $ 44,300 $ 54,000 $ 25,800 16,860 6,600 7,800 36,000 Sales Cost of goods sold Merchandise inventory beginning Total cost of merchandise purchases Merchandise inventory ending Cost of goods sold Gross profit Expenses Net income (loss) 4,450 5,700 8,000 29,000 6,800 8,800 2,100 16,000 33,480 6,700 25,000 14,050 42,800 12,800 3,300 1,250 $ 39,500 11,290 $ 17,010 $ 7,100
Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial...
Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, 2018, Its fiscal year-end, follows. Credit $ Debit 32,000 128,000 $ 36,960 10,000 97,636 8,000 218,880 Merchandise inventory Other (noninventory) assets Total llabuities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-office space office supplies expense Totals...
Award: 5.00 points Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley...
Award: 5.00 points Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 34,500 138,000 $39.84R 115,114 8,000 235,980 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales...
HELP ME PLEASE !!!!!!!! Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4...
HELP ME PLEASE !!!!!!!!
Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, its fiscal year end follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 31,000 124,000 $ 35,805 41,729 62,912 8,000 212,040 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of...
Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) b 43,500 e 25,600 $ 62,000 $ $ 46,000 $ 17,050 7,500 8,000 38,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 8,000 32,000 (6,600) | 4,560 6,600 (9.000) (3.000) 16,000 34,050 7,000 10,000 3.750 12,150 (8.400) 10,650...
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) $ 65,000 $ 45,900 $ 53,000 $ 25,600 16,440 5,200 7 8,500 37,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) ,400 43,000 (5,700) 4,590 5,600 (8,200) (2,400)...
mework Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) $ 62,000 $ 44,300 $ 40,000 $ 24,900 16,550 5,300 8,600 37,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 7,300 33,000 (5,200) 4,460 5,500 (8,700) (2,800)...
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) d a 65,000 b 44,000 c 51,000 e 24,400 Sales $ $ $ $ 16,490 5,000 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) 8,600 31,000 7,600 45,000 (7,500) 4,520 5,200 (8,800) (2,600) 20,000 Cost of goods sold 33,140...
Fill in the blanks in the following separate income statements a through e. a с d e b $ 68,000 $ 44,300 $ 54,000 $ 25,800 16,860 6,600 7,800 36,000 Sales Cost of goods sold Merchandise inventory beginning Total cost of merchandise purchases Merchandise inventory ending Cost of goods sold Gross profit Expenses Net income (loss) 4,450 5,700 8,000 29,000 6,800 8,800 2,100 16,000 33,480 6,700 25,000 14,050 42,800 12,800 3,300 1,250 $ 39,500 11,290 $ 17,010 $ 7,100
Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, 2018, Its fiscal year-end, follows. Credit $ Debit 32,000 128,000 $ 36,960 10,000 97,636 8,000 218,880 Merchandise inventory Other (noninventory) assets Total llabuities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-office space office supplies expense Totals...
Award: 5.00 points Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 34,500 138,000 $39.84R 115,114 8,000 235,980 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales...
HELP ME PLEASE !!!!!!!!
Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, its fiscal year end follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 31,000 124,000 $ 35,805 41,729 62,912 8,000 212,040 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained...
Learning Objectives 5, 6 P6-31A Correcting inventory errors over a three-year period and computing inventory turnover and days' sales in inventory Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for 2019 was overstated by $9,000. The ending mer chandise inventory at December 31, 2018, was correct. 2. 2019, overstated $9,000 2019 2018 2017 Net Sales Revenue Cost of...
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