Exercise 4-1 Computing revenues, expenses, and income LO C1, C2
Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus
sign.)
a
b
c
d
e
Sales
$ 71,000 $ 44,200 $ 42,000
$ 25,500
Cost of goods sold
Merchandise inventory (beginning)
7,900
16,600
7,000
7,000
4,540
Total cost of merchandise purchases
60,000
27,000
6,900
Merchandise inventory (ending)
(3,000)
(8,100)
(6,300)
6,900
Cost of goods sold
33,060
18,000
3,400
49,400
Gross profit
25,000
10,650
10,350
3,600
7,800
Expenses
Net income (loss)
$ 15,550 $ (6,950) $ 45,800