Fill in the Blanks (A) Through (G) for the Morrison

question 242

Essay

Fill in the blanks (a) through (g) for the Morrison Company for each of the income statements for years 1, 2, and 3.
$\begin{array}{c} \text {Morrison Company}\\ \text {Income Statements}\\ \text {For the years ended December 31}\\ \begin{array}{|l|l|l|l|}\hline & \text { Year 2 } & \text { Year 2 } & \text { Year 3 } \\\hline \text { Sales } & \$ 7,500 & \$ 10,000 & \text { (f) } \\\hline \text { Cost of goods sold } & & & \\\hline \text { Merchandise inventory (beginning) } & \text { (a) } & 375 & 750 \\\hline \text { Total cost of merchandise purchases } & 2,400 & 3,625 & 4,875 \\\hline \text { Merchandise inventory (ending) } & \text { (b) } & 750 & 625 \\\hline \text { Cost of goods sold } & \underline{2,770} & \text { (d) } & \underline{5,000} \\\hline\end{array}\end{array}$

$\begin{array}{|l|l|l|l|}\hline \text { Gross profit } & \text { (c) } & 6,750 & 5,200 \\\hline \text { Operating expenses } & 3,750 & 3,750 & (\mathrm{~g}) \\\hline \text { Net income } & \$ 980 & (\mathrm{e}) & \underline{\$ 2,500} \\\hline\end{array}$

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Definitions:

Expressed

Clearly stated or demonstrated; made explicitly known.

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Assert Proposition

To claim that a certain proposition, a statement that can be true or false, is true.

Hypothetical-deductive Reasoning

A cognitive process, identified by Piaget, involving the ability to formulate hypotheses and systematically deduce the most logical consequences to solve a problem.