Solution-Prepare an income statement through gross profit

Prepare an income statement through gross profit

Reference no: EM13510751

At the end of Cortez Department Store's fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.
Freight-in $ 7,500
Inventory 40,000
Purchases 585,000
Purchase Discounts 6,300
Purchase Returns and Allowances 2,700
Sales Revenue 1,000,000
Sales Returns and Allowances 20,000

Additional facts:

1. Merchandise inventory on November 30, 2012, is $52,600.

2. Cortez Department Store uses a periodic system.

Instructions

Prepare an income statement through gross profit for the year ended November 30, 2012.

Reference no: EM13510751

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Prepare an income statement through gross profit

Reference no: EM13510751

Reference no: EM13510751

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