Supply the missing dollar amounts for the income statement for each of the follo
ID: 2664610 • Letter: S
Question
Supply the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In case B, work from the bottom up)
Case A Case B Case C
Net sales revenue $7,500 ? $6,000
Beginning inventory $11,200 $6,500 $4,000
Purchases $5,000 ? $9,500
Goods available for sale ? $15,050 $13,500
Ending inventory $10,200 $11,050 ?
Cost of goods sold ? ? $4,500
Gross profit ? $1,500 ?
Expenses $400 ? $700
Pretax income $1,100 ($400) $800
Case A Case B Case C
Net sales revenue $7,500 ? $6,000
Beginning inventory $11,200 $6,500 $4,000
Purchases $5,000 ? $9,500
Goods available for sale ? $15,050 $13,500
Ending inventory $10,200 $11,050 ?
Cost of goods sold ? ? $4,500
Gross profit ? $1,500 ?
Expenses $400 ? $700
Pretax income $1,100 ($400) $800
Explanation / Answer
Case A Case B Case C
Net sales revenue $7,500 $5,500 $6,000
_____________________________
Beginning inventory $11,200 $6,500 $4,000
Purchases $5,000 $8,550 $9,500
______________________________
Goods available for sale $16,200 $15,050 $13,500
Ending inventory $10,200 $11,050 $9,000
______________________________
Cost of goods sold $6,000 $4,000 $4,500
_____________________________
Gross profit $1,500 $1,500 $1,500
Expenses $400 $1,900 $700
Pretax income $1,100 ($400) $800
Case A Case B Case C
Net sales revenue $7,500 $5,500 $6,000
_____________________________
Beginning inventory $11,200 $6,500 $4,000
Purchases $5,000 $8,550 $9,500
______________________________
Goods available for sale $16,200 $15,050 $13,500
Ending inventory $10,200 $11,050 $9,000
______________________________
Cost of goods sold $6,000 $4,000 $4,500
_____________________________
Gross profit $1,500 $1,500 $1,500
Expenses $400 $1,900 $700
Pretax income $1,100 ($400) $800
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