Preparing an income statement

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Reference no: EM13124345

At the end of high pt department store's fiscal year on december 31, 2004, these accounts appeared in it adjusted trial balance.

Determine cost of goods sold and gross profit under periodic approach.

Freight-in 5,600
merchandise inventory (beginning) 40,500
purchases 442,000
purchase discounts 12,000
purchase returns and allowance 6,400
Sales 718,000
Sales Returns and Allowances 8,000
1. merchandise inventory on December 31, 2004 is 75,000
2. Note that high-pt department store uses a periodic system

Instructions:

Prepare an income statement through gross profit for the year ended December 31, 2004.

Reference no: EM13124345

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