At the end of Rutherford Department Store’s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance.Freight-in $ 5,600Inventory 40,500Purchases 447,000Purchase Discounts 12,000Purchase Returns and Allowances 6,400Sales Revenue 725,000Sales Returns and Allowances 11,000Additional facts:1. Merchandise inventory on December 31, 2012, is $65,000.2. Rutherford Department Store uses a periodic system.InstructionsPrepare an income statement through gross profit for

Chapter 5, Problem Set A #5

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At the end of Rutherford Department Store’s fiscal year on December 31, 2012, 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, 2012, is $65,000.
2. Rutherford Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended December 31, 2012.

Related Book For answer-question

Accounting Principles

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-0470534793

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