Question

At the end of Donaldson Department Store’s fiscal year on November 30, 2017, 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, 2017, is $52,600.
2. Donaldson Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended November 30, 2017.



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  • CreatedMarch 02, 2015
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