Using your accounting knowledge, fill in the blanks in the following separate income statements a through e.
Question:
Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it inparentheses.
Transcribed Image Text:
Sales Cost of goods sold .. . $62,000 $43,500 $46,000 $? $25,600 8,000 17,050 7,500 8,000 4,560 32,000 6,600 Merchandise inventory (beginning) Total cost of merchandise purchases . . 38,000 Merchandise inventory (ending) Cost of goods sold.... (3,000 (9,000) (6,600 7,000 Gross profit 3,750 45,600 Net income (loss).. $$16850 $(8,400) $42000 $
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (15 reviews)
a b c d e Sales 62000 43500 46000 79000 25600 Cost of goods sold Merch inv beg 8000 17050 7500 8000 ...View the full answer
Answered By
Keziah Thiga
I am a self motivated financial professional knowledgeable in; preparation of financial reports, reconciling and managing accounts, maintaining cash flows, budgets, among other financial reports. I possess strong analytical skills with high attention to detail and accuracy. I am able to act quickly and effectively when dealing with challenging situations. I have the ability to form positive relationships with colleagues and I believe that team work is great key to performance. I always deliver quality, detailed, original (0% plagirism), well-researched and critically analyzed papers.
4.90+
1504+ Reviews
2898+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
Fill in the blanks in the following separate income statements a through e . a d. Sales $ 72,000 $ 44,500 $ 36,000 $ 25,200 Cost of goods sold Merchandise inventory, beginning 7,500 16,960 6,100...
-
Fill in the blanks in the following separate income statement through a identify any negative amount by putting it in parentheses Particulars 60.000! S 42,500| S 36,000| S 45,600 S 23,600 Sales Cost...
-
Fill in the blanks in the following diagram representing sucrose synthesis in plants. UDP-glucose UDP H2O Sucrose
-
In Exercises 7683, use a graphing utility to graph the function. Use the graph to determine whether the function has an inverse that is a function (that is, whether the function is one-to-one). f(x)...
-
You work for a large pharmaceutical company that has offices spread out all over the globe. Your boss comes to your office, excited about a new methodology he just read about called Extreme...
-
Without doing detailed calculations, arrange the following in order of increasing % Cr, by mass, and explain your reasoning: CrO, Cr 2 O 3 , CrO 2 , CrO 3 .
-
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C of this book. LVMH is a Paris-based holding company and one of the worlds largest and best-known...
-
Tony and Suzie are ready to expand Great Adventures even further in 2016. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses)...
-
For the year my membership fees charged are $20700. At the start of the year I had $1125 of memberships in arrears and $1800 in advance payments. By the end of the year I had $1035 in in arrears and...
-
A sweatshirt supplier is trying to decide how many sweatshirts to print for the upcoming NCAA basketball championships. The final four teams have emerged from the quarterfinal round, and there is now...
-
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2013, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these...
-
Compute the current ratio and acid-test ratio for each of the following separate cases. (Round ratios to two decimals.) Which company case is in the best position to meet short-term...
-
A couple in a sport-utility vehicle (SUV) is traveling at 90 km/h on a straight highway. The driver sees an accident in the distance and slows down to 40 km/h in
-
Four years ago, Chaplin Inc. purchased a new machine with a 5-year expected life for $35,500. On its current balance sheet, Chaplin lists accumulated depreciation on the machine at $28,400. What is...
-
Corporations are important because of advantages created by the unique characteristics of the corporate structure of ownership. Which of the following makes buying shares in a corporation attractive...
-
Simplify log(8)(log(5x)) = 0
-
The lengths of pregnancies in a small rural village are normally distributed with a mean of 266 days and a standard deviation of 13 days. In what range would you expect to find the middle 68% of most...
-
When Webflicks increased monthly subscription fees from $15 to $17, 16% of its subscribers switched to alternative providers. (a) Provide an estimate of Webflicks demand elasticity. (b) Assuming that...
-
How do social media teams manage the roles, tasks, and schedules related to executing social media tactics?
-
What is a lobbyist in US? How did this term emerge?
-
Why wont anyone lend money at a negative nominal rate of interest? How can this pose problems for monetary policy?
-
Emily Company has sales on account and for cash. Specifically, 60% of its sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. The company...
-
Kaizen Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans...
-
Fabrice Corp. requires a minimum $6,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans...
-
You notice that Cilley Sodas has a share price of $ 4 0 . 9 1 and EPS of $ 1 . 9 2 . Its competitor Pelham Soda has EPS of $ 3 . 9 7 . Jenson , a much smaller batch craft soda producer, has a P / E...
-
Mutual Funds. Can someone explain they are and about these investment vehicles. How do these investments differ from something like stocks or bonds, if at all?
-
Suzie is a college student. She has won a lucky draw for RM5,000.00. She would like to deposit the money in an interest earning account until she graduates from college (i.e., four years from now)....
Study smarter with the SolutionInn App