Question

At the end of Dayton Department Store's fiscal year on November 30, 2015, these accounts appeared in its adjusted trial balance.
Freight-In ..................... $ 7,500
Inventory ..................... 40,000
Purchases ..................... 585,000
Purchase Discounts ................. 6,300
Purchase Returns and Allowances ........... 2,700
Sales Revenue ................. 1,000,000
Sales Returns and Allowances ............ 20,000
Additional facts:
1. Merchandise inventory on November 30, 2015, is $52,600.
2. Dayton Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended November 30, 2015.



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  • CreatedFebruary 17, 2014
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