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    getmehelp's Avatar
    getmehelp Posts: 2, Reputation: 1
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    #1

    Dec 18, 2008, 07:36 PM
    Calculating revenues, expenses and income
    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 $
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Dec 20, 2008, 10:42 AM

    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.
    monca5's Avatar
    monca5 Posts: 1, Reputation: 1
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    #3

    Apr 20, 2010, 10:46 PM
    Quote Originally Posted by getmehelp View Post
    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 $
    What are the answers
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