at the end of ehlinger department store s fiscal year on december 31 2012 533597
At the end of Ehlinger Department Store”s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance.
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at the end of ehlinger department store s fiscal year on december 31 2012 533597
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$ 7,200 |
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Inventory (beginning) |
40,500 |
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Purchases |
456,000 |
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Purchase Discounts |
12,000 |
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Purchase Returns and Allowances |
6,400 |
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Sales Revenue |
702,000 |
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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.
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