At the end of Roshek Department Store s fiscal year on
At the end of Roshek Department Store’s fiscal year on December 31, 2014, 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, 2014, 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, 2014.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help