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Prepare an income statement through gross profit.
At the end of Truly Department Store's fiscal year on December 31, 2007, these accounts appeared in its adjusted trial balance
Freight -in
$
5,600
Merchandise Inventory (begin)
40,500
Purchases
446,000
Purchase Discounts
12,000
Purchase returns and allowances
6,400
Sales
727,000
Sales returns and allowances
8,000
Additional facts:
1. Merchandise inventory on December 31, 2007, is 71,000
2. Note that Truly Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended December 31, 2007
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