Question

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

Answer 1

Below is the solution for above question -

Let us see what formulas we have used to solve the above table -

Description	a($)	b($)	c($)	d($)	e($)
Sales	68,000	44,300	54,000	73,000	25,800
Cost of Goods Sold
Merchandise Inventory Beginning	7,800	16,860	6,600	8,000	4,450
Merchandise Purchases Cost	36,000	1,240	42,150	29,000	5,700
Merchandise Inventory Ending	10,320	2,100	8,800	6,800	3,450
Cost of Goods Sold	33,480	16,000	39,950	30,200	6,700
Gross Profit	34,520	28,300	14,050	42,800	19,100
Expenses	25,000	11,290	12,800	3,300	7,100
Net Income(loss)	9,520	17,010	1,250	39,500	12,000

Cost of Goods Sold = Opening Inventory + Purchases - Closing Inventory

Gross Profit = Sales - Cost of Goods Sold

Net Income = Gross Profit - Expenses

Net Loss = Expenses - Gross Profit

Kindly comment if you any doubt related to calculation.

Hope it is clear.

Thank You