272 Chapter 5 Exercise 5-7 Calculating expenses and income (LO 1, 2) Fill in the blanks in the following income statements. Identify any losses by putting the amount in parentheses. d $40,000 $85,000 $24,000 $? $ 59,000 Sales Cost of goods sold: Beginning inventory Purchases Ending inventory Cost of goods sold Gross profit Expenses Net income (loss) $ 4,000 24,000 ? $22.700 $ ? 6,000 $ ? $ 6,200 ? (5,400) $31.800 $ ? 21,300 $31.900 $ 5,000 ? (6,000) $ ? $ 2,500 8,100 $ (5,600) $ 3.500 16,000 (3,300) $ ? $22,800 1,300 $21.500 S 6,400 14.000 ? $14,000 $ ? 15,000 $ ? Exercise 5-8 Multiple-step income statement and other calculations (LO 3) Debit The following accounts and balances are taken from the year-end adjusted trial balance of the Vintage Shop, a single proprietorship. Use the information in these columns to com- plete the requirements. Credit Merchandise inventory $ 28,000 Sales $425,000 Sales returns and allowances 16,500 Sales discounts 4,000 Purchases .. 240,000 Purchases returns and allowances 18,000 Purchases discounts 2,000 Transportation-in 6,000 Selling expenses 35,000 General and administrative expenses.. 95,000 The count of the ending inventory shows that its cost is $37,000