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Fill in the blanks in the following separate income statements a through e. a b с...

Fill in the blanks in the following separate income statements a through e. a b с d e Sales $ 71,000 $ 44,300 $ 49,000 $ 24,4

Fill in the blanks in the following separate income statements a through e. a b с d e Sales $ 71,000 $ 44,300 $ 49,000 $ 24,400 7,200 16,800 5,500 7,900 4,400 31,000 6,300 44,000 5,200 8,300 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) 2,600 17,000 33,000 7,700 19,000 14,650 44,900 13,100 4,000 1,550 $ 40,900 10,000 $ 17,300 $ 7,000
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ReportAnswer #1

Sales - Cost of goods sold = Gross profit - Expenses = Net income (loss)

Cost of goods sold = Merchandise inventory beginning + Total cost of merchandise purchases - Merchandise inventory ending

a b c d e
Sales $71,000 $44,300 $49,000 $91,600 ($46,700+$44,900) $24,400
Cost of goods sold
Merchandise inventory beginning $7,200 $16,800 $5,500 $7,900 $4,400
Total cost of merchandise purchases $31,000 $2,800 ($17,000-$16,800+$2,600) $37,150 ($34,350-$5,500+$8,300) $44,000 $6,300
Merchandise inventory ending $5,200 ($7,200+$31,000-$33,000) $2,600 $8,300 $5,200 $3,000 ($4,400+$6,300-$7,700)
Cost of goods sold $33,000 $17,000 $34,350 ($49,000-$14,650) $46,700 ($7,900+$44,000-$5,200) $7,700
Gross profit $38,000 ($71,000-$33,000) $27,300 ($44,300-$17,000) $14,650 $44,900 $16,700 ($24,400-$7,700)
Expenses $19,000 $10,000 $13,100 $4,000 $7,000
Net income (loss) $19,000 ($38,000-$19,000) $17,300 $1,550 $40,900 $9,700 ($16,700-$7,000)
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