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 $ 64,000 $ 44,800 $ 39,000 $ 24,200 Cost of goods sold Merchandise inventory, beginning 7,300 16,720 5,800 7,300 4,480 Total cost of merchandise purchases 32,000 33,000 6,700 Merchandise inventory, ending 2,800 8,900 7,600 Cost of goods sold 33,630 17,000 7,700 Gross profit 14,350 48,700 Expenses 17,000 11,890 12,950 5,700 6,700 Net income (loss) $ 15,910 $ 1,400 $ 43,000

Transcript

00:01 To fill in the blanks in the separate income statement of a through e we can use the following formula cost of goods sold fill in the blanks a blanks the separate incomes is a separate income it went you can use the following formula cost of goods sold which is merchandise inventory plus total cost of merchandise purchases is minus merchandise inventory because profit is equals to c minus cost of goods sold net income equals to was profit minus expense for using these formula we can fill the blanks as follows from state merchandise inventory that is beginning total cost merchandise entry that is ending of that is cost of goods sold cost profit then expenses then net so income statement a merchandise inventory is 70 rate cost is thousand and merchandise inventory ending in six thousand seven twenty cost of is 800 profit is 8200 expense is 7300 and the net income is 3900 income statement be merchandise inventory is thousand seven to total cost is thirty three thousand merchandise inventory ending is 40 and cost of goods sold is forty two thousand one twenty and says thousand 800 fences is what 4480 and then net income is twenty two thousand twenty xc seventy hundred merchandise inventory seven hundred to cost is forty three thousand the mi is ending is forty three hundred and twenty thousand three hundred then it's eighteen thousand seven hundred and it's thirty three hundred and it's it in comes thousand four hundred for the i'm statement it's merchandise inventory forty three hundred total cost is forty three thousand merchandise inventory seventeen thousand possible three thousand three hundred in cross -property minus is 100 and expenses 700 and the net income is minus 11 ,000 800 seven thousand 800 and income city in 17 ,000 48 ,700 700 43 ,000 other nine nine hundred and 10 seven hundred and ninety two hundred it to the net income in income statement d is negative indicating that the company incurred a loss in that you understood this...

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