Question

At the end of Roshek Department Store's fiscal year on December 31, 2015, these accounts appeared in its adjusted trial balance.
Freight-In ...................... $ 5,600
Inventory ...................... 40,500
Purchases ...................... 447,000
Purchase Discounts .................. 12,000
Purchase Returns and Allowances ............ 6,400
Sales Revenue ................... 725,000
Sales Returns and Allowances ............ 11,000
Additional facts:
1. Merchandise inventory on December 31, 2015, is $65,000.
2. Roshek Department Store uses a periodic system.

Instructions
Prepare an income statement through gross profit for the year ended December 31, 2015.



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  • CreatedFebruary 17, 2014
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