Inferring Missing Amounts Based on Income Statement Relationships
Supply the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B. work from the bottom up.)
| Case A | Case B |
| Case C | |||
Net sales revenue |
| S7,500 |
| $ | ? |
| $6,000 |
Beginning inventory | $11,200 |
| $6,500
|
|
| $4,000 |
|
Purchases | 5,000 |
| ? |
|
| 9,500 |
|
Goods available for sale | ?
|
| 15,050 |
|
| 13,500
|
|
Ending inventory | 10,200 |
| 11,050 |
|
| ? |
|
Cost of goods sold |
| ? |
|
| ? |
| 4,500 |
Gross profit |
| ?
|
|
| 1,500 |
|
? |
Expenses |
| 400 |
|
| ? |
| 700 |
Pretax income |
| $1,100 |
| $ | (400) |
| $ 800 |
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