Question

Ch5 C1 C2 P1 P2 < Question 3 (of 5) 5.00 points Using your accounting knowledge, find the missing amounts in the following separate income statements a through e. (Amounts in parentheses do not require a minus sign in front of them. Input all amounts as positive values. Omit the "S" sign in your response.) 69.900 $ 49,489 $ 45,435 $ 90870 27.471 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) 6,641 39,846 (7041) 4,009 16441 (4.809) 9,541 10685 (11.041) 8,360 38,205 2,830 9,905 2980 (7.985) ( Cost of goods sold 39.446 15,641 9185 38580 9,755 7,407 Gross profit Expenses 30446 9,000 33848 10,650 3655 52,290 2,600 16,592 6,100 Net profit (loss) 21446. s 23,198 $ (9,185) 5 49,690 S (2445) Hints References

Answer 1

Cost of goods sold = Merchandise Inventory (beginning) + Inventory purchases - Ending Inventory

a) 39,446 = 6,641 + 39,846 - Ending inventory

  Ending inventory = 6641 + 39,846 - 39,446

= 7,041

  Gross profit = Sales - COGS

= 69,900 - 39,446

= 30,454

Net profit = Gross profit - expenses

= 30,454 - 9000

= 21,454

b) 15,641 = 4,009 + Purchases - 4809

Purchases = 16,441

Gross Profit = 49,489 - 15,641 = 33,848

c) Cost of goods sold = Sales - Gross profit

= 45,435 - 7407 = 38,028

38,028 = 9541 + Purchases - 11,041

Purchases = 39,528

d) Cost of goods sold = 8360 + 38,205 - 7985

= 38,580

  Sales = Cost of goods sold + Gross profit

= 38,580 + 52,290

= 90,870

e) 9755 = 2830 + 9905 - Ending inventory

Ending inventory = 2,980

  Gross Profit = 27,471 - 9,755 = 17,716

  Net profit = 17,716 - 6,100 = 11,616

* All figures are in $