Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) b

image text in transcribed
image text in transcribed
Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.) b 43,500 e 25,600 $ 62,000 $ $ 46,000 $ 17,050 7,500 8,000 38,000 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) 8,000 32,000 (6,600) | 4,560 6,600 (9.000) (3.000) 16,000 34,050 7,000 10,000 3.750 12,150 (8.400) 10,650 16,850 45 600 3,600 42,000 6.000 $ $ $ Fragmental Co,leased a portion of its store to another company for months beginning on October 1, at a monthly ute of $925. Fragmenta collected the entire $7.400 cash on October 1 and recorded it as unearned revenue Assuming adjusting entries are only made at year end, the dusting entry made by Fragmental Co. on December 31 would be M e Choice 0 Adebt to Unoamed Ron and a credit to Port Revenue for $4,625 Adebit to Be Revenue and credit toch or $2.775 Adet n Oo oo edent and credit to Rent venue for $2.775 Adebetto Cash and a credit to Port Revenue for $7.400, O A debit to Rent Revenue and credit to Uneared on for $2.775

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting And Analysis, 2017 Update

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd Edition

1337505625, 9781337505628

More Books

Students also viewed these Accounting questions

Question

Prove equation. R-1 R (k+ I)

Answered: 1 week ago

Question

4. In Exercise 3, are the random variables X and Y independent?

Answered: 1 week ago

Question

What is the message repetition?

Answered: 1 week ago

Question

What is the budget for this project?

Answered: 1 week ago