Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise invento

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Fill In The Blanks In The Following Separate Income Statements A Through E Sales Cost Of Goods Sold Merchandise Invento 1 (34.24 KiB) Viewed 10 times

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Fill In The Blanks In The Following Separate Income Statements A Through E Sales Cost Of Goods Sold Merchandise Invento 2 (25.57 KiB) Viewed 10 times

Fill In The Blanks In The Following Separate Income Statements A Through E Sales Cost Of Goods Sold Merchandise Invento 3 (42.85 KiB) Viewed 10 times

Fill in the blanks in the following separate income statements a through e. Sales 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) S a 71,000 $ 44,300 $ 7,200 31,000 33,000 19,000 b $ 16,800 2,600 17,000 10,000 17,300 12 S C 49,000 5,500 8,300 14,650 13,100 1,550 $ 7,900 44,000 5,200 44,900 4,000 40,900 $ 24,400 4,400 6,300 7,700 7,000
Match each phrase with its definition. 1. Refers to credit terms where goods in transit are owned by the seller. 2. Refers to credit terms where goods in transit are owned by the buyer. 3. Calculated as net sales minus cost of goods sold. 4. A current asset that includes the cost to buy goods and make them ready for sale. 5. Purchaser's description of a cash discount received from a supplier of goods. 6. A type of business that earns income by buying and selling merchandise. 7. A method in which cost of goods sold is recorded only at the end of a period. 8. A method in which cost of goods sold is recorded at the time of each sale. FOB destination FOB shipping point Gross profit Merchandise inventory
r sale. S. d. Merchandise inventory Merchandiser Periodic inventory system Perpetual inventory system Purchases discount