Thursday, September 9, 2010

Can anyone explain to me how to fill in the blanks here??

Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses.



Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $42,500

Cost of goods sold

Merchandise inventory (beginning) . . . . . . . . . . 17,050

Total cost of merchandise purchases . . . . . . . ?

Merchandise inventory (ending) . . . . . . . . . . . . (2,700)

Cost of goods sold . . . . . . . . . . . . . . . . . . . . . 15,900

Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . ? Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,650

Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . $15,950