Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using your accounting knowledge, fill in the missing blank (1 thru 8) for Company X, Company Y and Company Z. Indicate negative amounts with parenthesis.
Using your accounting knowledge, fill in the missing blank (1 thru 8) for Company X, Company Y and Company Z. Indicate negative amounts with parenthesis.
Company X | Company Y | Company Z | |
Sales | $16,000 | $48,000 | (6) |
Cost of Good Sold | |||
Inventory (beginning) | $16,000 | (4) | $22,000 |
Purchases of merchandise | (1) | $19,000 | $30,000 |
Inventory (ending) | $24,000 | $17,000 | (7) |
Cost of Goods sold | $32,000 | $22,000 | $24,000 |
Gross Profit | (2) | $26,000 | $29,000 |
Expenses | $12,000 | $15,000 | (8) |
Net Income (loss) | (3) | (5) | $7,000 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started