Using the selected year-end account balances at December 31, 2010, for the Morris General Store shown below,
Question:
Using the selected year-end account balances at December 31, 2010, for the Morris General Store shown below, prepare a 2010 income statement. Show detail of net sales. The company uses the periodic inventory system. Beginning merchandise inventory was $28,000; ending merchandise inventory is $21,000.
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Account Name Credit Debit Sales Sales Returns and Allowances $309,000 $ 15,200 114,800 Purchases Returns and Allowances 7,000 5,600 Freight-In Selling Expenses General and Administrative Expenses Income Taxes 56,400 37,200 18,000
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1439037805
9th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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