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.)

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 8,000 32,000 (6,600) 17,050 7,500 4,560 Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold 8,000 38,000 6,600 (3,000) (9,000) 34,050 16,000 7,000 3,750 12,150 $ 16,850$ (8,400)$ 42,000 45,600 Gross profit Expenses Net income (loss) 10,000 10,650 3,600 6,000