Income Statements: Missing Numbers
Not what you're looking for?
In the following four tables, there appear income statements missing three numbers each. Determine these missing numbers (found in question marks "?"), show equations used and assume taxes are apart of "period expenses".
Number 1:
Sales - 2250
Cost of Goods Sold:
Beginning Inventory: 300
Plus: Purchases: 975
Less Ending Inventory: 225
Cost of Goods Sold: ?
Gross Margin: ?
Period Expenses: 300
Net income (loss): ?
Number 2:
Sales - 1800
Cost of Goods Sold:
Beginning Inventory: 225
Plus: Purchases: ?
Less Ending Inventory: 300
Cost of Goods Sold: 900
Gross Margin: ?
Period Expenses: 400
Net income (loss): ?
Number 3:
Sales - 1350
Cost of Goods Sold:
Beginning Inventory: ?
Plus: Purchases: 850
Less Ending Inventory: 300
Cost of Goods Sold: ?
Gross Margin: ?
Period Expenses: 150
Net income (loss): 150
Number 4:
Sales - 2100
Cost of Goods Sold:
Beginning Inventory: 300
Plus: Purchases: 1200
Less Ending Inventory: ?
Cost of Goods Sold: ?
Gross Margin: 750
Period Expenses: ?
Net income (loss): (50)
Purchase this Solution
Solution Summary
Excel file shows calculations of missing numbers in the income statement.
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Operations Management
This quiz tests a student's knowledge about Operations Management
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking