At the end of Ehlinger Department Store”s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance.
| Freight-in Don't use plagiarized sources. Get Your Custom Essay on at the end of ehlinger department store s fiscal year on december 31 2012 533597 For $10/Page 0nly | $ 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.
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