I’m truly having an issue with creating an income statement for


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I’m truly having an issue with creating an income statement for the below problem. At the end of Ehlinger Department Store’s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance. Freight-in $ 7,200 Inventory (beginning) 40,500 Purchases 456,000 Purchase Discounts 12,000 Purchase Returns and Allowances 6,400 Sales Revenue 702,000 Sales Returns and Allowances 8,000 Additional facts: 1. Merchandise inventory on December 31, 2012, is $58,300. 2. Note that Ehlinger Department Store uses a periodic system. Instructions Prepare an income statement through gross profit for the year ended December 31, 2012. Tdink1
posted a question · Nov 19, 2012 at 4:31pm

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