Fill in the blanks in the following separate income...

Fill in the blanks in the following separate income statements a through e. a b c d e Sales $ 62,000 $ 43,500 $ 55,000 $ 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 12,750 45,600 Expenses 10,000 10,650 12,150 3,600 6,000 Net income (loss) $ 16,850 $ 600 $ 42,000

Transcript

00:01 Have to fill in the boxes over here which are empty.

00:04 So firstly doing the calculation for column a first, we will evaluate merchandise inventory ending which is evaluated as merchandise inventory beginning to which we add total cost of merchandise purchases wherein we subtract the cost of goods sold.

01:06 So now putting in the values we get $8 ,000 to which we add $38 ,000 wherein we subtract $34 ,050.

01:24 So the value then obtained is $11 ,950.

01:30 Now evaluating the gross profit sales wherein we subtract cost of goods sold putting in the values we get $62 ,000 from where to which we subtract $34 ,050.

01:58 The value then obtained is $27 ,950 further evaluating net income which is evaluated as gross profit to which we subtract the expenses.

02:18 So now putting in the values we get $27 ,950 to which we subtract $10 ,000.

02:31 The value then obtained is $17 ,950.

02:36 Now evaluating for column b here evaluating total cost of merchandise purchase which is evaluated as cost of goods sold to which we add the merchandise inventory ending wherein we subtract the merchandise inventory beginning.

03:31 So now putting in the values we get $16 ,000 wherein we add $3 ,000 to which we subtract $17 ,050.

03:49 So the value then obtained is $1 ,950.

03:55 Now evaluating the gross profit sales which is subtracted by cost of goods sold putting in the values we get $43 ,500.

04:16 We subtract $16 ,000.

04:20 So the value then obtained is $27 ,500 further.

04:28 Now evaluating the column c.

04:33 So firstly evaluating cost of goods sold which is evaluated as sales wherein we subtract the gross profit putting in the values we get $55 ,000 and we subtract $12 ,750.

04:57 So the value then is $42 ,250.

05:03 Now evaluating total cost of merchandise purchase.

05:19 So cost of goods sold to which we add merchandise inventory ending to which we subtract merchandise inventory beginning...

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