Question: Selected data for Canyon Ferry Stores Company for the year ended December 31, 2006, are as follows: Prepare a multiple-step income statement through gross profit

Selected data for Canyon Ferry Stores Company for the year ended December 31, 2006, are as follows:

Prepare a multiple-step income statement through gross profit for Canyon Ferry
Stores Company for the current year ended December31.

Merchandise inventory, January 185,760 Sales Merchandise inventory, December 31 Purchases Purchases discounts Purchases returns and allowances $1,288,000 10,400 1,051,200 Sales returns and allowances 3,920 36,000 102,240 Sales discounts 12,800 Transportation in 24,800

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