Fill in the blanks in the following separate income statements a through e. Identify any negative
Amount by putting it in parentheses.
A b c d e
Sales.. . $60,000 $42,500 $36,000 $ ? $23,600
Cost of goods sold
Merchandise inventory (beginning).. . 6,000 17,050 7,500 7,000 2,560
Total cost of merchandise purchases.. . 36,000? 32,000 5,600
Merchandise inventory (ending).. (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 (loss).. . $ ? $15,950 $ (8,400) $43,000 $ ?

Hi, houchmarla!

This isn't a site where people just plug in their homework questions and get the answers. If that happened here, how would that be helping the students to learn?

If you show what work you've already done concerning coming up with answers yourself, someone very knowledgeable will be more likely to come along and discuss with you how and why your answers are correct or incorrect.

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Thanks!

This is a typical "work backwards" problem. You've got a bunch of basic a + b = c (or a - b = c), cause it's a bunch of sub-totals. So just find where you have two of three numbers and solve for the third. That will give you more numbers that'll enable you to solve for more missing ones.

I agree it feel so great when you can do your own homework first then if your not sure ask about the answers you have. I had a similar problem and I just was not sure where to put the parenthesis. I thought they went around the costs of goods sold, merchandise perchases and expenses. I hope I was right.