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.)
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 $62,00043,500 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases 8,000 8,000 32,000 (6,600) 17,050 7,500 4,560 38,000 6,600 Merchandise inventory (ending) (3,000) 16,000 9.000) Cost of goods sold Gross profit 34,050 7,000 45,600 3,600 $ 16,850 (8,400) 42,000 3,750 10,00010,650 12,150 6,000 Net income (loss)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
