Acc225 Fundamental of Accounting Principles: E5-9 Calculating revenues, expenses, and income

Acc225 Fundamental of Accounting Principles

Exercise 5-9 Calculating revenues, expenses, and income
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 (or loss) ??? $15,950 $(8,400) $43,000 ???
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