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# Calculating revenues, expenses, and income

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

See attached file.

Sales............................................... \$60,000 \$42,500 \$36,000 \$ ? \$23,600
Cost of goods sold ..............................
Merchandise Inventory (beginning)........... 6,000 17,050 7,500 7,000 2,560
Total cost of merchandise purchases ......... 36,000 ? ? 32,000 5,600
Merchandise Inventory (ending)............... ? (2,700) (9,000) (6,600) ?
Cost of goods sold ............................... 34,050 15,900 ? ? 5,600
Gross profit ....................................... ? ? 3,750 45,600 ?
Expenses .......................................... 9,000 10,650 12,150 2,600 6,000
Net Income (lost) ................................. \$ ? \$15,950 \$(8,400) \$43,000 \$ ?

#### Solution Summary

This posting provides a detailed solution to the given problem of calculating revenues, income and expenses for the income statement.

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