Question

At the end of Alma’s Department Store’s fiscal year on December 31, 2014, these accounts appeared in its adjusted trial balance.
Freight-In............. $ 7,200
Inventory (beginning)......... 40,500
Purchases............. 456,000
Purchase Discounts......... 12,000
Purchase Returns and Allowances.... 6,400
Sales Revenue........... 702,000
Sales Returns and Allowances..... 8,000
Additional facts:
1. Inventory on December 31, 2014, is $48,300.
2. Note that Alma’s Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended December 31, 2014.



$1.99
Sales2
Views143
Comments0
  • CreatedApril 07, 2014
  • Files Included
Post your question
5000