Chapter 9-Merchandising Business:
End of Period Adjustments and Completion of the Accounting Cycle
E9-8
Required: Solve for the missing items in the partial income statements
given below:
2009
2010
2011
2012
2013
Sales
100,000 120,000
150,000
160,000
Gross Profit
44,000
39,000 18,000
Beginning
Inventory
80,000 70,000
85,000 75,000
Net Purchases
90,000 80,000 120,000
165,000
Cost of goods sold 70,000
135,000
Sales ret & allow
6,000
18,000
Ending inventory
65,000
85,000
100,000
Net sales
117,000 144,000
150,000
E9-9
Required: Determine the missing amounts.
Sales
Sales
Net
Cost of Gross
Profit
returns Sales Inventory Purchases Inventory Sold (Loss)
Beg Net Ending Goods
80,000 24,000 130,000
38,000
5,000
2 126,000
48,000 145,000 46,500
6,000
3
264,800
167,000 62,800 186,200
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