Using your accounting knawledge, find the mssing amounts in the following separa

Question

Using your accounting knawledge, find the mssing amounts in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign) Sales 64,200 45.454$41,730 525.231 Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold 6,099 36 594 3,682 8,763 ,678 35,088 7 303 2.599 9 097 (3.582) 14.800 10.263) 6.194 8.947 Gross profit Expenses Net income (loss) 6925 15,512 20,004 (8,587) 47.997 2,600 15 397 9,000 10 650 6 100 4

Explanation / Answer

a

b

c

d

e

Sales

$62400

$45454

$41730

$83460

$25231

Cost of goods sold

Merchandise inventory (beginning)

$6099

$3682

$8763

$7678

$2599

Total cost of merchandise purchases

$36594

$15100

$36305

$35088

$9097

Merchandise inventory (ending)

($6499)

($3982)

($10263)

($7303)

($2749)

Cost of goods sold

$36194

$14800

$34805

$35463

$8947

Gross profit

$26206

$30654

$6925

$47997

$16284

Expenses

$9000

$10650

$15512

$2600

$6100

Net income (loss)

$17206

$20004

($8587)

$45397

$10184

Working note;

1. Missing items of (a) will be calculated as follow;

Merchandise inventory (ending) = $6099 + $36594 - $36194 = $6499

Gross profit ($62400 – $36194) = $26206

Net income ($26206 – $9000) = $17206

2. Missing items of (b) will be calculated as follow;

Total cost of merchandise purchases ($14800 + $3982 - $3682) = $15100

Gross profit ($45454 – $14800) = $30654

3. Missing items of (c) will be calculated as follow;

Total cost of merchandise purchases ($34805 + $10263 - $8763) = $36305

Cost of goods sold ($41730 – $6925) = $34805

4. Missing items of (d) will be calculated as follow;

Sales ($35463 + $47997) = $83460

Cost of goods sold ($7678 + $35088 – $7303) = $35463

5. Missing items of (e) will be calculated as follow;

Merchandise inventory (ending) = $2599 + $9097 - $8947 = $2749

Gross profit ($25231 – $8947) = $16284

Net income ($16284 – $6100) = $10184

a

b

c

d

e

Sales

$62400

$45454

$41730

$83460

$25231

Cost of goods sold

Merchandise inventory (beginning)

$6099

$3682

$8763

$7678

$2599

Total cost of merchandise purchases

$36594

$15100

$36305

$35088

$9097

Merchandise inventory (ending)

($6499)

($3982)

($10263)

($7303)

($2749)

Cost of goods sold

$36194

$14800

$34805

$35463

$8947

Gross profit

$26206

$30654

$6925

$47997

$16284

Expenses

$9000

$10650

$15512

$2600

$6100

Net income (loss)

$17206

$20004

($8587)

$45397

$10184

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.