Exercise 4-1 Computing revenues, expenses, and income LO C1 Using your accountin
ID: 2329989 • Letter: E
Question
Exercise 4-1 Computing revenues, expenses, and income LO C1 Using your accounting knowledge, find the missing amounts in the following separate income statements. (Amounts to be deducted should be indicated by a minus sign.) Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold 8,000 32,000 (3,000)(9,000)(6,600) 4,560 6,600 8,000 38,000 17,050 7,500 34,050 16,000 7,000 Gross profit Expenses Net income (loss) 45,600 3,600 $ 16,850$ (8,400)$ 42,000 3,750 12,150 10,000 10,650 6,000Explanation / Answer
Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars a) Sales 62,000.00 Cost of goods sold : Merchandise inventory (beginning) 8,000.00 Total cost of merchandise purchases 38,000.00 Merchandise inventory (ending) = 8000 + 38000 - 34050 (11,950.00) Cost of goods sold 34,050.00 Gross profit = 62000 - 34050 27,950.00 expenses 10,000.00 Net income (Loss) = 27,950 - 10,000 17,950.00 Paticulars b) Sales 43,500.00 Cost of goods sold : Merchandise inventory (beginning) 17,050.00 Total cost of merchandise purchases = 16000 + 3000 -17050 1,950.00 Merchandise inventory (ending) (3,000.00) Cost of goods sold 16,000.00 Gross profit = 10650 + 16850 27,500.00 expenses 10,650.00 Net income (Loss) 16,850.00 Paticulars c) Sales 46,000.00 Cost of goods sold : Merchandise inventory (beginning) 7,500.00 Total cost of merchandise purchases = 42250 + 9000 - 7500 43,750.00 Merchandise inventory (ending) (9,000.00) Cost of goods sold = 46000 - 3750 42,250.00 Gross profit 3,750.00 expenses 12,150.00 Net income (Loss) (8,400.00) Paticulars d) Sales = 33400 + 45600 79,000.00 Cost of goods sold : Merchandise inventory (beginning) 8,000.00 Total cost of merchandise purchases 32,000.00 Merchandise inventory (ending) (6,600.00) Cost of goods sold = 8000 + 32000 - 6600 33,400.00 Gross profit 45,600.00 expenses 3,600.00 Net income (Loss) 42,000.00 Paticulars e) Sales 25,600.00 Cost of goods sold : Merchandise inventory (beginning) 4,560.00 Total cost of merchandise purchases 6,600.00 Merchandise inventory (ending) = 4560 + 6600 -7000 (4,160.00) Cost of goods sold 7,000.00 Gross profit = 25600 -7000 18,600.00 expenses 6,000.00 Net income (Loss) = 18600 - 6000 12,600.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.