Using your accounting knowledge, find the missing amounts in the following separ

Question

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.) Answer is not complete Sales $ 62,000 $ 43,500$46,000 49,200 x 25,600 Cost of goods sold Merchandise inventory 4,560 6,600 (4,160) 7,000 18,600 6,000 8,000 17,050 7,500 8,000 32,000 (6,600) 46,600 45,600 3,600 nnin Total cost of merchandise 38,000 urchases 11,950(3,000) 16,000 (9,000) Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 34,050 2,9027,5003,750 10,000 12,150 17,950 $ 16,850 |$ (8,400) |$ 42,000 $ (18,000) 10,650

Explanation / Answer

Fill the missing amounts :

a b c d e Sales $62000 $43500 $46000 $79000 $25600 Cost of goods sold Merchandise inventory (beginning) 8000 17050 7500 8000 4560 Total cost of merchandise purchase 38000 1950 43750 32000 6600 Merchandise inventory (ending) (11950) (3000) (9000) (6600) (4160) Cost of goods sold 34050 16000 42250 33400 7000 Gross profit 27950 27500 3750 45600 18600 Expenses 10000 10650 12150 3600 6000 Net income (loss) $17950 $16850 $(8400) $42000 $12600

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