Question: Using the selected year-end account balances at December 31, 20x7, for the Yacuma General Store shown below, prepare a 20 Ã 7 income statement. Show

Using the selected year-end account balances at December 31, 20x7, for the Yacuma General Store shown below, prepare a 20 Ã— 7 income statement. Show detail of net sales. The company uses the periodic inventory system. Beginning merchandise inventory was $26,000; ending merchandise inventory is $22,000?

Account Name Debit Credit $297,000 Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Freight-In Selling Expenses General and Administrative Expenses $ 15,200 1 14,800 A,000 5,600 48,500 37,200

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