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Prepare Statements for a Merchandising Company
Powell Street Electronics has provided the following information for February:
Sales revenue
$ 807,000
Store rent
43,600
Store utilities
27,100
Administrative costs
57,750
Sales commissions
128,300
Merchandise purchases
545,500
Transportation-in costs
21,200
Merchandise inventory, February 1
37,100
Merchandise inventory, February 28
41,800
Required
Prepare an income statement for February with a supporting cost of goods sold statement.
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