acc225 calculating revenue cost of sales expenses and income loss fill in the blanks 498401

Calculating revenue, cost of sales, expenses and income (loss).

Fill in the blanks in the following separate income statements.Identify any negative amount by putting it in (parentheses).

Business Name

Mark’s, Corp.Phoenix Co.Mike’s BikesCal’s Cars Don’s Dogs

Income StatementIncome StatementIncome StatementIncome Statement Income Statement

For the Year EndedFor the Month EndedFor the Quarter Ended For the Year EndedFor the Month Ended

April 30 2012April 30 2012April 30 2012April 30 2012April 30 2012

Sales 85,000 80,000 25,000 18,000

Cost of Sales

Beginning Inventory 10,000 34,100 3,750 7,000 2,600

Purchases 30,000 32,000 8,000

Goods Available for Sale

Ending Inventory (5,400) (4,500) (6,600)

Cost of Goods Sold 35,000 31,800 5,600

Gross Profit 1,875 45,600

Operating Expenses 9,000 21,300 6,075 2,600 10,000

Net Income 26,900 (4,200) 43,000