Question
E7-2: LO7-1: Inferring Missing Amounts Based on Income Statement Relationships Supply the missing dollar amounts for the income statement for each of the following independent
E7-2: LO7-1: Inferring Missing Amounts Based on Income Statement Relationships 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.)
Column 1 | Case A | Case B | Case C |
Net sales revenue | $7500 | $ ? | $5,050 |
Beginning inventory | $11200 | $7000 | $4,000 |
Purchases | $4500 | $8,050 | $9,500 |
Goods available for sale | $15,700 | 15050 | $13,500 |
Ending inventory | $9,000 | $11,050 | ? |
Cost of goods sold | $6,700 | ? | 4200 |
Gross profit | ? | $800 | ? |
Expenses | $300 | ? | $700 |
Pretax income (loss) | $500 | ($200) | $150 |
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