The following are selected account balances for Streamline Services:

Selling Expenses	$500
Interest Expense	42
Purchases	2,300
Sales	7,900
Accounts Payable	90
Ending Inventory	?
Prepaid Insurance	84
Net Sales	7,430
Purchase Discounts	158
Beginning Inventory	300
Sales Returns and Allowances	?
Purchase Returns and Allowances	180
Cost of Goods Sold	1,500
Sales Discounts	260

Required:

Prepare a partial income statement through gross profit on sales. Do not prepare the heading.

Answer rating: 100% (QA)

Sales 7900 Less Sales Returns a... View the full answer