Exercise 5-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e. (Amounts to be deducted should be indicated by a minus sign.) d a $ 62,000 b $ 44,300 c $ 55,000 e 27,000 $ 16,440 5,800 7.100 36,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 7,200 30,000 (5,400) 4,510 5,700 (2,800) 17,000 33,610 6,400 (8,600) P 3,000 11,170 $ (8,170) 24,000 10,320 16,980 41,500 4,600 36,900 $ S