GL04-01 - Based on Problem 4-1A LO P1, P2

Jul.		1		Purchased merchandise from Walker Company for $8,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
Jul.		2		Sold merchandise to Perry Co. for $2,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,320.
Jul		3		Paid $645 cash for freight charges on the purchase of July 1.
Jul		8		Sold merchandise that had cost $2,600 for $4,300 cash.
Jul		9		Purchased merchandise from Ryan Co. for $3,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
Jul		11		Received a $700 credit memorandum from Ryan Co. for the return of part of the merchandise purchased on July 9.
Jul		12		Received the balance due from Perry Co. for the invoice dated July 2, net of the discount.
Jul		16		Paid the balance due to Walker Company within the discount period.
Jul		19		Sold merchandise that cost $2,700 to Clinton Co. for $3,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
Jul		21		Issued a $800 credit memorandum to Clinton Co. for an allowance on goods sold on July 19.
Jul		24		Paid Ryan Co. the balance due, net of discount.
Jul		30		Received the balance due from Clinton Co. for the invoice dated July 19, net of discount.
Jul		31		Sold merchandise that cost $5,800 to Perry Co. for $9,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

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Prepare a multiple-step income statement through the calculation of gross profit Taylor's Company Partial Income Statement For the Month Ended July 31, 2017