Question

This is a fill in the blanks, I am not sure how I should be calculating.

E7-3 (Static) Inferring Missing Amounts Based on Income Statement Relationships L07-1 Enter the missing dollar amounts for the income statement for each of the following independent cases: Cases Sales Revenue Total Available Gross Profit Expenses Ending Inventory $ 500 Cost of Goods Sold $ 300 Pretax Income (Loss) A $ $ 650 1,100 Beginning Purchases Inventory $ 100 $ 700 200900 150 550 900 150 200 150 100 200 C 200 4001 300 300 200 800 1,000 1,100 500 (50)

Answer 1

Cases Purchases Total available Cost of goods sold Gross Profit Sales Revenue 650 Expenses Beginning Inventory 100 200 Pretax Income/(Loss) 150 700 Ending Inventory 500 300 800 300 350 900 300 1,100 600 1,100 500 200 150 100 150 300 350 150 150 800 200 400 500 200 200 800 1,000 700 1,100 300 600 200 900 500 550 (50) Total Available is = Beginning Inventory + Purchases Cost of goods sold is = Total available - Ending inventory Gross Profit is = Sales revenue - Cost of goods sold Pretax income/loss) = Gross profit - expenses