Question: I need only part B the partial income statement Part A) 1. January 16: Purchased $520,000 of merchandise inventory from various suppliers on account (no
I need only part B the partial income statement
Part A)
1. January 16: Purchased $520,000 of merchandise inventory from various suppliers on account (no discount for early payment offered). 2. February1: Sold merchandise that cost $105,000 for $129,000 on account. The sales tax rate is 88%. 3. February 10: Paid half of the January 16 purchases. 4. February 16: Paid the remaining balance of accounts payable from the January 16 purchase. 5. March1: Paid the sales taxes recorded on February 1. 6. June 1: Sold merchandise that cost $216,000 or $301,000 on account. The sales tax rate is 88%.
part B) prepare a partial income statement for the current fiscal year.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
