exercise 4-1

der IFRS versus U.S. GAAP standards b. Income statements prepared under IFRS usually report an item titled finance costs. What do finance C costs refer to? GAAP prohibits alternative measures of income reported on the income st permit such altemative measures on the income statement? atement. Does IFRS Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. EXERCISES Identify any negative amount by putting it in parentheses /Exercise 4-1 Sales Cost of goods sold Computing revenues, expenses, and income C1 C2 $62,000 $43.500 $46,000 $ $25,600 Merchandise inventory (beginning). . Total cost of 8,000 17.050 7500 8,000 32.000 4560 . . ....38.000 6,600 000 10,000 10.650 12,150 3.6006.000 3000) (9.000) (6.600)? Cost of goods sold Gross profit .. Expenses Net income (loss) . 34,050 16000 3.750 45.600 2$16.850 $(8400) $42.000 2 2,000 s