Fill in blanks in following separate income statements a through e. Identify any negetive amount with parentheses.

A b c d e
Sales... 60,000 42,500 36,000 $ 23,600
Cost of goods sold
Merchandise invent. (begin) 6,000 17,050 7,500 7,000 2,560
Total cost of merchandise pruchase 36,000 $ $ 32,000 5,600
Merchandise inven. (end) $ (2,700) (9,000) (6,600) $
Cost of goods sold 34,050 15,900 $ $ 5,600
Gross Profit $ $ 3,750 45,600 $
Expenses 9,000 10,650 12,150 2,600 6,000
Net Income $ 15,950 (8,400) 43,000 $

To calculate sales add COGS and Gross Profit.

Gross Profit: take Sales and deduct COGS.

Ending inventory: Take COGS and deduct beginning inventory and deduct purchases.

Net Income: take Gross Profit and deduct Expenses.

Quote:

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Originally Posted by getmehelp

Fill in blanks in following separate income statements a thru e. Identify any negetive amount with parentheses.

a b c d e
Sales............................................ 60,000 42,500 36,000 $ 23,600
Cost of goods sold
merchandise invent. (begin) 6,000 17,050 7,500 7,000 2,560
Total cost of merchandise pruchase 36,000 $ $ 32,000 5,600
Merchandise inven. (end) $ (2,700) (9,000) (6,600) $
Cost of goods sold 34,050 15,900 $ $ 5,600
Gross Profit $ $ 3,750 45,600 $
Expenses 9,000 10,650 12,150 2,600 6,000
Net Income $ 15,950 (8,400) 43,000 $

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